Truestone Group Provides $5,855,000 Bridge Refinance For Mixed-Use Property In Great Neck Plaza

The asset involved in this transaction is a mixed-use property located at 11-25 Middle Neck Road in Great Neck Plaza, encompassing a total square footage of 38,514. The property was refinanced for a total loan amount of $5,855,000, which includes a senior loan portion of $5,250,000 along with a $605,000 construction line. The refinancing terms entail a bridge loan with a two-year term, interest-only, fixed rate. The existing mortgage had passed maturity prior to this transaction.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $5,855,000
• Lender: Truestone Group - Edmond Haber
• Loan Type: Refinance
• Loan Terms: Bridge loan, Senior $5,250,000 plus $605,000 construction line, 2 year term, interest only, fixed rate
• Brokers: Allan Lieberman, Jason Bogopulsky & Dovid Kaufman - Meridian Capital Group

This transaction was facilitated by Meridian Capital Group, with brokers Allan Lieberman, Jason Bogopulsky, and Dovid Kaufman involved in the process. The refinance was arranged to prevent foreclosure by the new note holder and included a capital expenditure infusion aimed at enhancing tenancy and cash flow for the property.