ValueXpress arranged a $1,720,000 first mortgage loan secured by a two-story mixed-use retail/residential building located in the Park Slope section of Brooklyn, New York. The loan was closed by its New York-based banking partner, Country Bank, for its portfolio. The property consists of an owner-operated Italian restaurant, located on the ground floor and operating in a 3,600-square-foot retail space, and four residential units consisting of 3,100 square feet. The 10-year loan provides for two five-year fixed-rate periods. Loan payments are based on a 25-year amortization schedule. “We were pleased to deliver this high-quality, well-located transaction to Country Bank,” Michael Sneden, Executive Vice President of ValueXpress said. “The owner-occupant business generates over two times DSCR, and we anticipate this loan to be a high performer in the Bank’s portfolio.”
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