Celtic Bank Corporation Provides $3.5M Construction Loan For Carwash Development Site In Woodside

A construction loan has been secured for a development site located at 4913 Roosevelt Avenue in Woodside. The property has a buildable square footage (BSF) of 4,192 and is owned by George Hrisikopoulos. The loan has been provided by Celtic Bank Corporation, with a loan amount of $3,485,100. This is a 90% Small Business Administration (SBA) construction financing for a startup carwash. The loan terms include a 9-month interest-only period followed by a 25-year fully amortizing loan at Prime+2.25%.

Summary of transaction details

• Property Type: Development Site
• Transaction Date: 11/01/2021
• Address: 4913 Roosevelt Avenue
• Market: Woodside
• Loan Amount: $3,485,100
• Loan Type: Construction loan
• Loan Terms: 90% SBA construction financing for startup carwash. 9-months IO followed by 25-years fully amortizing loan at Prime+2.25%.
• Lender: Celtic Bank Corporation
• Landlord: George Hrisikopoulos
• Brokers: Dimitris Vattes & George Eliopoulos - Velios Capital

The loan deal was facilitated by brokers Dimitris Vattes and George Eliopoulos from Velios Capital. Their representation played a crucial role in securing the favorable loan terms for the development site in Woodside.