ValueXpress has arranged a $3-million commercial real estate loan through its affiliated bank, Country Bank, for the refinance of a 7,000-square-foot, single-story retail building located on Linden Street in Brooklyn, New York. The proceeds of the loan retired an SBA 504 loan and provide a $1.9-million return of equity to the sponsor.
The property is one of six vintage clothing stores owned by the borrower. The company deals in the sale of previously used clothing, footwear and toys. Items are purchased by the pound, and items in good condition are resold in the owner’s vintage clothing stores in the N.Y. metro area, including the subject store. The balance is exported, primarily to Guatemala. The loan was structured with a five-year term deal with one renewal option for an additional five-year period.
The loan was originated by Gary Unkel, a senior loan originator at ValueXpress. The borrower, a long-time client of Unkel’s, has completed roughly ten transactions over the past ten years with ValueXpress.