ERG Lines Up Loan to Complete Staten Island 1031 Exchange
ERG Commercial Real Estate delivered a $2.25-million traditional bank loan for a borrower who purchased an industrial warehouse building in the Bloomfield section of Staten Island for $3.8 million.
ERG was able to provide the difference in proceeds needed in the 1031 exchange. The five-year fixed acquisition loan featured a 6.5% interest rate for the borrower who purchased the 19,125-square-foot multi-tenant industrial building at 3475 Victory Blvd.
“Our client’s priorities were speed and confidence in closing in the timeframe required,” said ERG managing director Ryan Lewis, who negotiated the loan, along with finance director Mary Guarino. “Given our knowledge of the market in this shifting finance environment, we knew what bank to go to as well as we were able to anticipate the items the bank needed to streamline the process”
The property is 100% occupied with five different tenants with its anchor tenant, Coffee Holding Company Inc.
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).