Ripco Arranges $29M Bridge Loan For Mixed-Use Asset In Brooklyn
502 86th Street
Summary
The mixed-use property located at 502 86th Street in Brooklyn was involved in a recent transaction. ASG Equities served as the landlord, while Bayview Asset Management provided a $29,000,000 bridge loan for the property. The loan was sourced by RIPCO’s D&SF team and will be used to fund a lease-up plan and capital improvement projects related to New York-Presbyterian’s anchor lease along a prime corridor in Bay Ridge, Brooklyn.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $29,000,000
- Address: 502 86th Street
- Market: Brooklyn
- Landlord: ASG Equities
- Lender: Bayview Asset Management
- Brokers: Steven Sperandio (Ripcocapitaladvisory) - Ripco, Michael Fasano - Ripco, Jake Weiss (Jakeweiss6) - Ripco
- Loan Type: Bridge
Steven Sperandio, Michael Fasano, and Jake Weiss played key roles in the transaction, representing their respective companies in the deal. The loan will facilitate the enhancement of the mixed-use asset, supporting the lease-up strategy and capital improvement initiatives aimed at New York-Presbyterian’s lease within the prime location of Bay Ridge, Brooklyn.
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