Essencap Funding Provides $1.5 Million Refinance Loan For 210 Frost Street Multifamily In Brooklyn

The property involved in this transaction is a multifamily asset located at 210 Frost Street in Brooklyn. The total loan amount secured for this property is $1,500,000, which is categorized under a refinance type of loan with a 30-year term.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,500,000
• Lender: Essencap Funding
• Loan Originators: Andreas Odysseos, Paul Louie & Kayan Chow
• Loan Type: Refinance
• Loan Terms: 30 years
• Loan-to-Cost Ratio: 85% for the initial bridge loan
• Loan-to-Value Ratio: 75% for the cash-out refinance

Essencap Funding provided financing with a bridge loan facility to enable a value-add fix-and-flip project. The loan was later converted to a cash-out refinance based on the property's updated market value, waiving the standard six-month seasoning requirement to allow immediate cash access for the borrower.