ERG Commercial Real Estate Secures $8.5 Million Refinance Loan For Industrial Property In Staten Island

A $8.5 million bridge loan was secured by ERG Commercial Real Estate to refinance a fully leased 40,000-square-foot industrial property located at 501 Industry Road in Staten Island. This refinancing transaction features a five-year loan structured with an interest-only first year, which will transition to a traditional amortizing loan contingent upon meeting specific performance benchmarks.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $8,500,000
• Address: 501 Industry Road
• Market: Staten Island
• Asset Size: 40,000 SF
• Loan Type: Refinance

Ryan Lewis of ERG Commercial Real Estate represents the deal, facilitating the refinancing process with a national institutional bank. The arrangement demonstrates a strategic move to enhance the financial structure of the property while maintaining occupancy and income stability.