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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.”
- ◦Financing
