Ruben Izgelov, Solomon Suleymanov & Moses Suleymanov Provide $3.1M Bridge Loan For Brooklyn Multifamily Conversion

The transaction involves a multifamily asset located in Flatbush, Brooklyn. The property is undergoing a conversion from a foreclosed stalled construction project into 16 residential units, transforming a 4 family building to increase its residential capacity and value.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,100,000
• Lender: Ruben Izgelov, Solomon Suleymanov & Moses Suleymanov
• Loan Type: Acquisition + Construction

The lending team from We Lend played a crucial role in this transaction, successfully funding a project aimed at revitalizing a distressed asset. The loan facilitated the purchase and conversion efforts led by a borrower who identified the opportunity to annex additional residential units in the building.