@avoconstruction Acquires 5 Condo Buildings In Brooklyn, NY With $5.9M Loan From Cathay Bank

Acquisition financing was secured for a portfolio of five condo buildings in Brooklyn, NY. The properties are located at 1101 Prospect Avenue (Windsor Terrace), 11 Terrace Place (Windsor Terrace), 231-234 Bay 34th Street (Gravesend), 366 Avenue Y (Gravesend), and 525 Court Street (South Brooklyn). The portfolio consists of 10 residential condos and 3 commercial condos.

Summary of transation details

• Property Type: 5 condo buildings (10 Residential and 3 Commercial Condos)
• Loan Amount: $5,900,000
• Landlord: @avoconstruction
• Lender: Cathay Bank
• Broker: Brad Domenico - Progress Capital @progress.capital
• Loan Type: Acquisition

Brad Domenico from Progress Capital represented the landlord, @avoconstruction, in securing the acquisition financing for this portfolio. The loan, provided by Cathay Bank, is non-recourse and has a 30-year amortization with declining prepayment.