Modern Banking Group (MBG) announced the successful closing with Ashkenazy Acquisition Corporation of a $2.85 million floating-rate loan secured by a multi-tenant retail property located at 99-25 Horace Harding Expressway in Corona, N.Y.
The property benefits from a highly visible location just off the Long Island Expressway, along with a stable roster of long-standing tenants that provide consistent in-place cash flow. This transaction highlights MBG’s ability to finance a diverse range of asset classes and aligns with both of its permanent and bridge lending platforms.
“Our team welcomes the opportunity to continue our long-standing relationship with Ben and his team by providing competitive financial solutions, creative structures and high-touch, white glove customer service,” said Steven Caligor, executive vice president and chief lending officer. “We appreciate his continued trust and look forward to building further value together as we move forward.”
The financing was originated by Caligor, CLO, together with his CRE Lending Team, consisting of Joseph Petrelli, Adam Reiss and Alex Jeffrey.
