Hakimian Capital Recapitalizes Development Site In Great Neck With $1.8M Loan

A development site located at 45 North Drive in Great Neck has recently secured a recapitalization loan from Hakimian Capital. The property, spanning 6,955 square feet, underwent renovations funded by a previous $1,000,000 loan from Hakimian Capital. With the renovations now completed, the single-family mansion is now listed for sale at $4,950,000. Hakimian Capital increased its loan to $1,800,000, allowing the property developer to recapitalize the property and bridge them through the sale.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $1,800,000
• Address: 45 North Drive, Great Neck
• Market: Great Neck
• Loan Type: Recapitalization
• Lender: Hakimian Capital

In this transaction, Sammy Hakimian, Michael Hakimian, and Daniel Nadri are represented by Hakimian Capital. The recapitalization loan provided by Hakimian Capital has enabled the property developer to bridge the gap until the sale of the single-family mansion. With the completion of the renovation and increased loan amount, the property is now primed for a successful sale in the Great Neck market.