Cornerstone Property Group Refinances Retail Property In Hammonton With Waterman Capital Loan

The property located at 10 White Horse Pike in Hammonton is a retail asset spanning 16,045 square feet. The property was refinanced for $2,100,000 by Waterman Capital. The landlords of this property are Ethan Karavani, Russell Nova, and Igor Zakh from Centerstone Property Group. The loan terms include a 5-year fixed period at 6.53% interest with a 25-year amortization schedule.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,100,000
• Lender: Waterman Capital
• Landlord: Ethan Karavani, Russell Nova & Igor Zakh - Centerstone Property Group
• Broker: Cornerstone Capital Financing
• Loan Type: Refinance
• Loan Terms: 5 Year Fixed, 6.53%, 25 Year Amortization

Cornerstone Capital Financing brokered the deal for this property transaction. The landlords, Ethan Karavani, Russell Nova, and Igor Zakh, had purchased the property in 2022 for $2.1 million. Over a two-year period, they successfully executed their business plan by replacing nonpaying tenants with long-term tenants, resulting in $400,000 in distributions. They were able to refinance the property, recouping 100% of their initial investment, providing close to a 2.5X return for their investors. The landlords intend to hold onto this asset for the next 3-5 years as market conditions stabilize.