{"id":624,"date":"2019-01-17T19:42:14","date_gmt":"2019-01-17T19:42:14","guid":{"rendered":"http:\/\/www.valuexpress.com\/?p=624"},"modified":"2019-02-14T12:08:39","modified_gmt":"2019-02-14T12:08:39","slug":"valuexpress-obtains-1550000-loan-for-a-mixed-use-property-in-brooklyn-ny","status":"publish","type":"post","link":"https:\/\/www.valuexpress.com\/valuexpress-obtains-1550000-loan-for-a-mixed-use-property-in-brooklyn-ny\/","title":{"rendered":"ValueXpress Obtains $1,550,000 Loan for a Mixed-Use Property in Brooklyn, NY"},"content":{"rendered":"<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-625\" src=\"http:\/\/www.valuexpress.com\/wp-content\/uploads\/2018\/11\/162-St-Nicholas-Ave-Brooklyn-NY.jpg\" alt=\"\" width=\"450\" height=\"414\" \/>ValueXpress has arranged a $1,550,000 loan for the refinance of a mixed-use property located in the Bushwick neighborhood of Brooklyn, New York. The property consists of 5 apartment units situated above a ground floor commercial space leased to a dry cleaner. The property was purchased in 2007 with financing provided by ValueXpress. The refinancing was provided by Country Bank, an affiliate of ValueXpress.<\/p>\n<p style=\"text-align: justify;\">The loan was originated by Gary Unkel, a senior loan originator at ValueXpress. The borrower, a long-time client of Unkel\u2019s, has completed roughly ten transactions over the past 10 years with ValueXpress.<\/p>\n<p style=\"text-align: justify;\">\u201cThe transaction should have been relatively easy, as initially the loan was to be closed through a Fannie Mae or Freddie Mac small balance execution to obtain the best terms for the client,\u201d said Gary Unkel. \u201cBut the Environmental Site Assessment (Phase I) came back with a concern regarding trace levels of perchloroethylene (aka PERC), and after completing a Phase II that required a remediation, the agency lender would not close until the remediation was complete.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe timetable to close did not work for the client,\u201d said Unkel. \u201cThe existing loan was maturing and all sorts of fees were to be incurred if the loan went past maturity. Luckily we have our affiliate bank, Country Bank, to step into these situations, and Country Bank closed the loan immediately.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ValueXpress has arranged a $1,550,000 loan for the refinance of a mixed-use property located in the Bushwick neighborhood of Brooklyn, New York. The property consists of 5 apartment units situated above a ground floor commercial space leased to a dry cleaner. The property was purchased in 2007 with financing provided by ValueXpress. The refinancing was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ValueXpress Obtains $1,550,000 Loan for a Mixed-Use Property in Brooklyn, NY - VALUEXPRESS - Commercial Mortgage Loans<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.valuexpress.com\/valuexpress-obtains-1550000-loan-for-a-mixed-use-property-in-brooklyn-ny\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ValueXpress Obtains $1,550,000 Loan for a Mixed-Use Property in Brooklyn, NY - VALUEXPRESS - Commercial Mortgage Loans\" \/>\n<meta property=\"og:description\" content=\"ValueXpress has arranged a $1,550,000 loan for the refinance of a mixed-use property located in the Bushwick neighborhood of Brooklyn, New York. 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