Freddie Mac Provides $1.05M Acquisition Loan For Yonkers Multifamily Property

A multifamily property located at 110 Harrison Avenue in Yonkers has been involved in a recent closed transaction. The property consists of 6 units and was acquired by Daniel Golbani. The transaction was facilitated by broker Michael Gefter from Cornerstone Capital Financing.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,049,000
• Loan Type: Acquisition
• Loan Terms: 5 Year Fixed / 6.79% Rate / 30 Year Amortization / Non-Recourse

Freddie Mac provided the loan for this acquisition. Despite difficulties in finding a competitive debt option due to a non-citizen guarantor, Michael Gefter was able to secure favorable terms for the sponsor. The loan amount of $1,049,000 will be used for the long-term hold of the property, emphasizing its potential for cash flow. This aligns with the sponsor's goal of a true cash-flow play. The loan terms include a 5-year fixed rate with a 6.79% interest rate and a 30-year amortization period. The loan is non-recourse, providing added security for the borrower.

Cornerstone Capital Financing, represented by Michael Gefter, is dedicated to providing aggressive and ownership-focused terms. Their team of underwriters, loan coordinators, credit managers, and analysts work together to ensure a seamless process for each file. For more information and inquiries, interested parties can contact Michael Gefter, Senior Relationship Manager, at mgefter@csg-ny.com or 203-809-9711.