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ERG Commercial Real Estate has provided a $6-million cash-out refinance on two mixed-use properties in Brooklyn's Greenpoint neighborhood

ERG Secures Cash-Out Refi on Two Greenpoint Properties

ERG Commercial Real Estate has provided a $6-million refinance loan on two three-story brick mixed-use buildings along one of the premier corridors within Brooklyn’s Greenpoint neighborhood. The properties, at 23 and 27 Greenpoint Ave., feature four apartments and two ground-floor restaurants. 

Managing director Ryan Lewis and finance director Mary Guarino closed the deal on the five-year refinance loan at 4.625% with five-year option at 30 years amortization. This was a cash-out refinance after the owner completed a gut renovation that included renovating the apartments into luxury units and adding ground-floor restaurants. 

 “Through our strong relationships and understanding of the changing market, we were able to streamline the loan process and navigate through these volatile times to accomplish our client’s goal,” said Lewis. “The deal was able to close despite both retail tenants being in the middle of their build-outs and not being open for business at the time of the closing.” 

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About Paul Bubny

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).

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