Michael Yakubov Of Stake Property Group Secures $1.85M Construction Loan From Alex Piroozian

The property asset involved in this transaction consists of multifamily units located at 1321 East 69th Street & 1639 Garfield Street, within the Brooklyn & Bronx markets. The total square footage of the asset is 5,400, comprising 5 units, and the transaction is based on a construction loan amounting to $1,850,000 with terms set for 1 year.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,850,000
• Loan Type: Construction
• Loan Terms: 1 year
• Lender: Alex Piroozian - Washington Equity & Funding Corp.
• Landlord: Michael Yakubov - Stake Property Group

Alex Piroozian's Washington Equity & Funding Corp. facilitated the transaction, completing the loan in 24 hours, showcasing their capacity for quick approvals and closing processes. Michael Yakubov, representing Stake Property Group, focuses on acquiring undercapitalized or mismanaged assets, implementing strategies aimed at creating value through diverse real estate investment approaches. The investment is anticipated to yield long-term cash flow and capital appreciation benefits.