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

A mixed-use property located at 1731 Pitkin Ave in Brownsville recently underwent a successful refinance transaction. The property spans 9,520 square feet and is owned by Ryan Zar and Bradley Zar.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $2,018,000
• Address: 1731 Pitkin Ave
• Market: Brownsville
• Lender: Hanover Community Bank
• Landlord: Ryan Zar & Bradley Zar

HKS Real Estate Advisors represented the borrowers, Ryan Zar and Bradley Zar, in this refinance deal. Max Ralby, a broker from HKS Real Estate Advisors, played a key role in facilitating the transaction.

The borrowers acquired the mixed-use property in July 2021 when it was 80% vacant. After acquiring the property, they implemented strategic repositioning and stabilization efforts. These initiatives led to a successful refinance 12 months later, resulting in obtaining a new certificate of occupancy for the property.