Morris Dweck Of KSR Arranges $2.2M Acquisition Loan For Thrive Management NY In Clinton Hill

The property involved in this transaction is a mixed-use asset located at 507 Myrtle Avenue in the Clinton Hill market, with a total square footage of 3,750. The acquisition loan amount secured is $2,200,000, structured with terms of 5 years and a 30-year amortization period, alongside a rate of 2.75 bps over the 5-year UST.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $2,200,000
• Loan Type: Acquisition
• Loan Terms: 5 years / 30-year amortization, 2.75 bps over 5-year UST
• Address: 507 Myrtle Avenue
• Market: Clinton Hill
• Landlord: Thrive Management NY
• Broker: Morris Dweck - KSR

Morris Dweck of KSR Capital facilitated the acquisition loan for a client engaged in a 1031 exchange concerning the mixed-use property. Dweck's efforts successfully identified a lender who allowed for a cannabis tenant to occupy one of the retail spaces on the ground floor.