ValueXpress obtained an $8,000,000 conventional first mortgage loan from its New York-based banking partner Country Bank secured by a six-story mixed-use building located in the East Village neighborhood of Manhattan, New York; originally constructed in 1905 it was gut renovated between 2011 and 2012. The building contains 17,500 square feet of space consisting of 20 apartment units above a grade-level retail unit.
The sponsor owns and operates a vintage clothing store in the 2,400-square-foot first floor space of the building for over ten years. When the property became available for purchase, the sponsor jumped on the opportunity to acquire ownership rather than continue leasing in the face of escalating rents in the neighborhood.
Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “The borrower needed to close quickly and Country Bank stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. These items are purchased by the pound, and items in good condition are resold in vintage clothing stores in the New York metro area, including the subject store while the balance is exported, primarily to Guatemala.