Ronald Sherman Secures $5.5M Refinance From ConnectOne Bank For Office In Long Island City

The asset involved in this transaction is an office building located at 42-14 21st Street in Long Island City, Queens, encompassing a total of 21,000 square feet. The property was refinanced for an amount of $5,500,000 to replace prior debt at the same value.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $5,500,000
• Address: 42-14 21st Street
• Market: Long Island City, Queens
• Lender: ConnectOne Bank
• Landlord: Ronald Sherman
• Loan Type: Refinance

Ronald Sherman, acting through Cmt Properties, LLC, facilitated this refinancing deal, which successfully replaced the previous mortgage held by Hirshmark Capital. This transaction illustrates the ongoing financial activities surrounding property management and the refinancing processes that can occur in the real estate market.