Emigrant Bank Provides $1.35M Loan For Mixed-Use Properties In Ditmas Park, Brooklyn

Two mixed-use properties located at 213 Utica Ave & 2910 Ave D in the Ditmas Park section of Brooklyn were involved in a recent transaction. The properties consisted of 2 retail units and 4 residential units. The loan for this transaction was arranged by @CornerstoneCapitalofNY, with a loan amount of $1,350,000. The term of the loan was 10 years, with an interest rate of 4.25% and a 30-year amortization.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $1,350,000
• Date: 06/25/2021
• Market: Ditmas Park
• Lender: Emigrant Bank
• Landlord: Herbie Mondo
• Brokers: Russell Nova & Alexander Nemirovskiy - @CornerstoneCapitalofNY

In this transaction, @RussellNova closely worked with the sponsors to ensure they received the requested full cash out. The sponsor currently owned both properties under one loan, but the financing was arranged by separating the properties to accommodate potential future sales. The loan was structured according to the sponsor's specific requests, and the entire process was completed within 30 days. For more information, you can contact Russell Nova, Principal at Cornerstone Capital, at 917 559 1820 or russell@csg-ny.com.