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Alphabet City Mixed-Use Refinanced for $3M
ERG Commercial Real Estate arranged a $3-million refinance of 79 Ave. A, a four-story, mixed-use property located on Avenue A between East 5th and East 6th streets in Alphabet City on Manhattan’s Lower East Side. The borrower was not disclosed.
The 5,443-square-foot building is equipped with six apartments and two commercial units The long-term tenants have occupied the retail spaces for more than 25 years.
“We were able to use our strong banking relationships to secure the borrower a five-year fixed traditional loan that allowed them to refinance their current mortgage and give them an additional cash-out,” said ERG’s managing director Ryan Lewis.
- ◦Financing