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Cornerstone Capital Financing Secures $2,600,000 Refinance Loan For Mixed-Use Asset In Brooklyn

Property Image
FINANCED
$2,600,000
Russell Nova
Michael Bushkanets

Florida

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Mixed-use3,150 SF
Financed 06/20/2024
the dealplayerscompscontact
Property Image
FINANCED

Cornerstone Capital Financing Secures $2,600,000 Refinance Loan For Mixed-Use Asset In Brooklyn

Grand St

See Similar Deals
Mixed-use3,150 SF
Financed 06/20/2024
Russell Nova
Michael Bushkanets
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$825
Total Square Footage:3,150 SF
Transaction Type:Loan

This mixed-use property, located in Brooklyn, encompasses a total square footage of 3,150. The loan amount secured for this asset is $2,600,000 through a refinance agreement.

Summary of transaction details:

Russell Nova, serving as Principal and Business Development, was instrumental in bringing together the necessary team effort for the successful transaction. Michael Bushkanets collaborated closely with the property owner to ensure a smooth process, supporting the goal of financing that aligns with long-term strategies and cash flow priorities for the sponsors. The team at Cornerstone Capital Financing emphasized their commitment to providing financing terms tailored to ownership needs.

Players

Michael Bushkanets
Compass
Michael Bushkanets
4 deals$12.5M volume(516) 313-2966
BROKER
Russell Nova
Cornerstone Capital Financing
Russell Nova
76 deals$491.1M volume
BROKER

Details

FINANCED
IMAGE: Russell Nova, & Michael Bushkanets DATE: 06/20/2024 ADDRESS: Grand Street MARKET: Brooklyn ASSET TYPE: Mixed-use ~ SF: 3,150 BROKERS: Russell Nova (@RussellNova) - Cornerstone Capital Financing (@CornerstoneCapitalofNY); Michael Bushkanets (@MichaelBushkanets) - Compass (@Compass) LOAN AMOUNT: $2,600,000 LOAN TYPE: Refinance LOAN TERMS: 3 YEAR FIXED / 30 YEAR TERM / NON-RECOURSE / NO LENDER FEES NOTE FROM BROKER: Great Team effort by @RussellNova and @Mikegeft of @CornerstoneCapitalofNY. The Team at @CornerstoneCapitalofNY were able to provide favorable terms for the sponsor, as this will be a long-term hold and a true cash-flow play. As such, it was imperative to pair sponsorship with a lender who is committed to a long-term relationship. The sponsors were in a rush scenario, as they were looking to purchase an Investment Property in the Dumbo area Amazing work by @Michaelbushkanets for working closely with the owner of the property. @CornerstoneCapitalofNY is committed to providing Aggressive Financing Terms, specifically geared with ownership in mind. We have Underwriters, Loan Coordinators, Credit Managers, and Analysts all working together on each file to a seamless process. Contact US and Envision yourself at the Thank you for your Russell Nova, Principal / Business Development 917 - 559 - 1820 - Cell [email protected] 203 - 809 - 9711 - Cell [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,600,000.00

Monthly NOI$17,333.33
Monthly Debt Service$16,433.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00