Hanover Community Bank Provides $2M Refinance Loan For Mixed-Use Property On Pitkin Ave

The property asset involved in the transaction is a mixed-use building located at 1731 Pitkin Ave., situated in the Brownsville market. The asset spans a total of 9,520 square feet and had a loan amount of $2,018,000 structured as a refinance.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $2,018,000
• Loan Type: Refinance
• Lender: Hanover Community Bank
• Landlord: Bradley Zar
• Broker: Max Ralby - HKS Real Estate Advisors

The borrowers acquired the mixed-use asset in July 2021 while it was 80% vacant. They have successfully repositioned and stabilized the property, obtaining a new certificate of occupancy, which enabled them to pursue the refinance 12 months later.