Paul Durgaj Of Durgaj Properties & Martin Mane Of Balfin Americas Refinance 51 Unit Bronx Building For $15.5M

The property asset involved in the transaction is a mixed-use building located at 599 Tinton Avenue in the Bronx. The asset spans a total of 37,000 square feet and consists of 51 residential and commercial units. The transaction involved a refinancing of the existing loan amounting to $15,500,000.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $15,500,000
• Loan Type: Refinance
• Previous Loan Amount: $11,300,000
• Lender: Wells Fargo
• Landlord: Paul Durgaj - Durgaj Properties
• Landlord: Martin Mane - Balfin Americas

The refinancing was successfully completed by Durgaj Properties and Balfin Group, marking a significant step in managing financial resources for the property. This transaction replaces the previous construction loan, reflecting a strategic move to enhance their financial position.