ERG Commercial Real Estate has arranged a $8.5 million bridge loan to permanently refinance a large industrial property located in Staten Island.
The property, at 501 Industry Road, is equipped with a 40,000-sq. ft. industrial building that sits on a nine-acre lot in the heart of Staten Island’s premier industrial section, a short distance from Amazon’s NYC Distribution Center. The property is located just off the highly travelled West Shore Expressway (Route 440) that gives easy access to major transportation routes into and out of NYC/New Jersey.
At the time of closing, the building was fully occupied with additional income revenue from multiple ground lease tenants including Urban Zone, that leases the building and IOS Energy that uses the vacant land on the property.
Although the tenants were all on newly signed leases, ERG was able to secure a five-year bridge loan where the first year would be interest only according to ERG’s Managing Director Ryan Lewis. Once the criteria is met, the loan converts to a traditional amortizing loan with the institutional national bank that is focused on the NYC Metro Market, with growth in the area in recent years.
Borrowers are local investors that have been long term owners of multiple properties in the area.
