ERG Commercial Real Estate has arranged a $8.5 million bridge loan to permanently refinance a large industrial property located at 501 Industry Rd. in Staten Island.
The property is equipped with a 40,000-square-foot 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 New York City distribution center. The property is located just off the 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, which leases the building, and IOS Energy, which 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 Managing Director Ryan Lewis. Once the criteria are met, the loan converts to a traditional amortizing loan with an institutional national bank that is focused on the New York City area.
ERThe borrowers are local investors who have been long-term owners of multiple properties in the area.
