Cornerstone Capital Secures $1.5M Loan For Prospect Heights Multifamily

A multifamily property located at 405 Park Place in Prospect Heights has been involved in a recent loan transaction. The loan was provided by Webster Bank to the landlord, William Solli. The property is a 4-family unit that has undergone renovations by the sponsor to ensure market rents are achievable.

Summary of transaction details:

• Property Type: Multifamily
• Loan Amount: $1,500,000
• Term: 10 Year Term, 30 Year Amortization

The deal was facilitated by @RussellNova and Alexander Nemirovskiy of Cornerstone Capital of NY. @CornerstoneCapitalofNY was able to secure very favorable terms for the loan, including a 10-year term with a 3.5% interest rate on a 30-year amortization schedule. The lending process was efficient, with in-house analysts, loan coordinators, and credit officers providing timely decisions and approvals.

If you are interested in a quick and painless loan process, you can contact @CornerstoneCapitalofNY, @RussellNova, @Alex_Nemy, or yourself. Russell Nova, Principal of Cornerstone Capital of NY, can be reached at 917-559-1820.

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