Flushing Bank Provides $4.7M Acquisition Loan For 54K SF Industrial Property In Irvington, NJ

Located at 976 Chancellor Ave in Irvington, NJ, this industrial property spans over 54,000 square feet. The property was involved in an acquisition, and the loan secured for the transaction amounted to $4,700,000. The loan terms include a 10-year fixed rate, with an interest rate of 3.3% and a 25-year amortization schedule. The property is owned by Mark Tsgaiani.

Summary of Transaction Details

• Property Type: Industrial
• Transaction Amount: $4,700,000
• Address: 976 Chancellor Ave, Irvington, NJ
• Market: Irvington, NJ
• Square Footage: 54,000

Leading the financing efforts on behalf of the sponsorship were Russell Nova, Alex Nemirovskiy, and Igor Zakh from Cornerstone Capital of NY. They worked directly with Flushing Bank, the lender, to ensure all requirements were met promptly. Cornerstone Capital of NY handled the underwriting, processing, and coordination with the trusted lender. The majority of the warehouse space is planned for owner-user purposes, while the remaining area is leased back to the seller.

It is worth mentioning that Russell Nova, Alex Nemirovskiy, and Igor Zakh played a crucial role in securing the financing for this industrial property, fostering a strong relationship between the sponsors and the lender. For further inquiries, you can reach out to Russell Nova at 917-559-1820 or via email at [email protected]. Igor Zakh, the COO, can be contacted at 917-567-1646 or via email at [email protected]. Alexander Nemirovskiy can also be reached at 347-751-5232 or via email at [email protected].