ERG Commercial Real Estate has arranged a $3-million refinance/cash-out loan to the owner of a prime Gowanus warehouse currently leased to Brooklyn Gin, a gin distillery/restaurant coming to the neighborhood that borders Park Slope.
The owner/developer plans to use the loan from a Long Island bank to refinance two earlier loans on the 8,280-square-foot, two-story warehouse at 316 Douglass St. that the borrower purchased in 2004. They will also use the remainder of the loan to buy new properties in the tristate area to add to a collection of small mixed-use buildings in Brooklyn and Queens o.
ERG Commercial Real Estate’s Michal Walma negotiated the 10-year loan at an interest rate of 3.75%, fixed for five years.
“Due to having a strong relationship with the bank and having a strong borrower, we were able to find a bank willing to lend on this single-tenant/triple-net property.” said Walma.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).