The Cornerstone Group Of NY Secures $8.2M Bridge Loan For Four Warehouse Properties In Maspeth, Astoria, And Staten Island

The Cornerstone Group of NY, represented by Russell Nova, Anu Nagpal, and Igor Zakh, secured a $8,200,000 bridge loan from Waterman Capital Bank in a refinancing transaction. The loan has a term of 24 months and an interest rate of 6%. The loan-to-value (LTV) ratio is 65%. The collateral for the loan consists of four 100% occupied warehouse properties with a combined building area of 36,686 square feet. The borrower utilized the equity in three owned warehouses to acquire the fourth warehouse, which will be used for their construction business.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $8,200,000
• Market: Maspeth, Astoria, Staten Island
• Address: 58-100 56th, 58-88 56th, 43-02 19th Ave., 114-126 Kreischer St.

In today's market, a 6% interest rate is considered conventional pricing. The Cornerstone Group of NY has a track record of securing financing for many industrial properties across the states with favorable terms and rates. Strong relationships with banks and creative strategies are key to successful closings. The team at Cornerstone Capital takes pride in securing financing for their clients and brokers, and they can provide the best financing terms for buyers in the real estate industry. Realtors and brokers can contact Russell Nova, Anu Nagpal, or Igor Zakh for more information.