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ERG Arranges $17M Loan on Two Soho Buildings
ERG Commercial Real Estate has arranged a $16.5 million loan to refinance two mixed-use buildings at 65 and 67 Greene Street in SoHo. These adjacent properties, totaling 21,321 square feet, are situated on one of SoHo’s prime retail corridors.
The buildings are fully occupied, with a tenant mix that includes Norrona’s flagship New York City location and PatBo clothing stores. ERG secured a five-year fixed mortgage through a bank, with two years of interest-only payments.
“We secured a five-year fixed mortgage thru a bank with two years of interest only,” said ERG’s Ryan Lewis who negotiated the loan on behalf of the borrower. “The primary focus of the loan was proceeds amount. We structured a first position mortgage as well as a second position line of credit to meet the proceeds goal of the borrower.”
- ◦Financing
