Brix Real Estate Advisors, a Westchester-based commercial real estate firm, has successfully brokered a $3.65 million refinance loan on a multifamily building in Yonkers.
The 15-unit building, 88-90 Saratoga Avenue, is located in the Park Hill section of Yonkers. The building is 24,490 sq. ft. and was built in 1911. The borrower is a local landlord.
The loan features a 5.3% interest rate for two years of interest only.
“Our team closed this loan in less than 60 days with great terms for the borrower,” said Brix Real Estate Advisors’ Matthew Barbaccia. “In a challenging interest rate environment we were able to find a lender that offered lower rates to borrowers who had rents deemed as affordable. By doing so the borrower locked into a fixed interest rate a 5.3% which is well below what is being offered by other lenders.”
