SUR Group Secures $5.35M Recapitalization Loan From Flushing Bank For Mixed-use Property In Manhattan

The asset involved in this transaction is a mixed-use building located at 1226 2nd Avenue & 453 2nd Avenue in Manhattan. It encompasses a total square footage of 8,940 and consists of seven units, including one commercial unit and six residential units. The property has a loan amount of $5,350,000, which is classified as a recapitalization loan.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $5,350,000
• Address: 1226 2nd Avenue & 453 2nd Avenue
• Market: Manhattan
• Asset Size: 8,940 SF
• Units: 7 (1 Commercial & 6 Residential)
• Lender: Flushing Bank
• Landlord: SUR Group
• Landlord's Representative: Sachin Surujpaul & Nilson Penafiel - JRS Realty Management
• Loan Type: Recapitalization

The transaction involved key individuals and firms, notably the landlord SUR Group, represented by Sachin Surujpaul and Nilson Penafiel from JRS Realty Management. Flushing Bank served as the lender for this recapitalization loan, facilitating the financial arrangement for the property in question.