Modern Bank N.A. (MBG) announced the successful closing of a $4.3 million recapitalization loan for Joseph Nakash, secured by a single-tenant retail property located at 446 Fulton Street in Downtown Brooklyn, New York.
This financing provides the borrower with additional capital while supporting the continued ownership of a strategically located retail asset in one of New York City’s most active commercial corridors.
“We welcome and value the opportunity to continue our long-standing relationship with the Nakash family and provide bridge financing on this project. We appreciate their trust, our 30-year relationship, and most of all, the opportunity to best serve their financial needs,” said Steven Caligor, executive vice president and chief lending officer. Caligor originated the loan in collaboration with MBG’s Commercial Real Estate Lending Team, including Joseph Petrelli, Adam Reiss, Alex Jeffrey and Kevin Dalton.
