ValueXpress has arranged a $6.6-million commercial real estate loan through its affiliated bank, Country Bank, for the renovation and vertical expansion to 65 units of an existing 39-unit multifamily apartment building located in the Midwood section of Brooklyn, New York. The existing building structure is a four-story walk-up that was constructed in 1928.
Once completed, the building will feature seven floors and elevator service. The existing 39 units are 100% occupied and it is anticipated the new units will be 100% pre-leased based on the strong demand for apartments in the Midwood area of Brooklyn and surrounding areas. The property is located less than half a mile from the MTA “B” subway line that provides quick access to Manhattan.
The loan structure features a 12-month interest-only period with two 12-month renewal options. At completion of construction, the Country Bank loan provides for the option of converting the loan to a permanent loan with a 7-year term.
For a loan quote on a similar transaction located in Manhattan or its surrounding five boroughs, contact Michael Sneden, Dennis Suh or Gary Unkel.