ValueXpress has arranged a $9.2-million loan for the purchase of a 20,880-square-foot warehouse building that will be converted into a multi-tenant retail center. The property is in the Bushwick neighborhood of Brooklyn, New York. The single-story building will feature a new façade, architectural glass storefronts and uniform tenant signage. Half of the building will be occupied by “Urban Gorilla,” a vintage retail store that has four other retail locations in Brooklyn. Urban Gorilla is owned by the borrower, who is a long-time client of ValueXpress. Over a 10-year period, ValueXpress has arranged over 20 loans for this client.
The borrower sources used clothing from charities and either exports the clothing to South American countries or retails the clothing in vintage and thrift stores like the Bushwick location. The remaining space in the building will be developed and leased to other retailers. The retail market is very strong in the neighborhood and the available space is expected to lease quickly.
Gary Unkel, Senior Loan originator for ValueXpress, originated the loan on behalf of this long-time client. “We look forward to continuing to provide commercial mortgage financing as our client expands his footprint in New York City and other parts of the United States.”
For your next retail loan, call Gary at 212-883-6475 or email him at gunkel@valuexpress.com.
