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Staten Island Industrial Scores Permanent Financing
ERG Commercial Real Estate arranged an $8.5-million bridge loan to permanently refinance a large industrial property located in Staten Island. The borrowers are local investors and long-term owners of multiple properties in the area.
Although the tenants were all on newly signed leases, ERG was able to secure a five-year bridge loan where the first year would be interest-only, according to ERG managing director Ryan Lewis. Once the criteria are met, the loan converts to a traditional amortizing loan with an institutional national bank focused on the New York City metro market.
Located at 501 Industry Rd., the property is equipped with a 40,000-square-foot industrial building that sits on a nine-acre lot a short distance from Amazon’s NYC Distribution Center. At the time of closing, the building was fully occupied, with additional income revenue from multiple ground-lease tenants. The property is located just off the West Shore Expressway, providing easy access to major transportation routes into and out of NYC/New Jersey.
- ◦Financing
