ValueXpress has arranged a $945,000 loan from a N.Y.C.-based community bank for the purchase of a 5,000-square-foot industrial building constructed in 1930. The structure will be renovated and converted to mixed-use retail and warehouse space. Both the community bank and the buyer are repeat clients of ValueXpress.
The building is located in the Cyprus Hills/Brownsville section of Brooklyn. The J, Z and A, C subway lines are within walking distance to the property as well as the Long Island Railroad. The neighborhood is a mix of residential and commercial uses.
The buyer, a 10-year client of ValueXpress, has closed more than 20 loans in the period. The buyer operates five vintage retail stores in Brooklyn, and once renovated and open, the Cyprus Hills/Brownsville location will represent the sixth location. 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 Cyprus Hills/Brownsville location.
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/warehouse/mixed-use loan, call Gary at 212-883-6475 or email him at email@example.com.