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ERG Delivers Cash-Out Refi of Bushwick Retail
ERG Commercial Real Estate, a Long Island based commercial real estate firm, delivered a $5-million cash-out refinance loan to the owner of 29 Wyckoff Ave., a fully leased, cash-flowing commercial property in Bushwick, Brooklyn. The loan features a 4.0% fixed rate for five years with a five-year option to renew and a 25-year amortization rate.
The borrower has owned the property for more than 20 years, operating his business out of the warehouse. Over the past year, the owner converted the property from a large warehouse to five retail units, adding significant value.
“This was a great deal for all the parties involved,” said ERG managing director Ryan Lewis who, along with Mary Guarino, negotiated the loan. “Through strong relationships and the quality of the deal, the bank was able to hold the 4%rate through the market changes while the owner finalized the buildout of the retail spaces.”
- ◦Financing
