Cushman & Wakefield Closes $2.24 Million Loan in Bushwick
Cushman & Wakefield is pleased to announce the closing of a $2.24 million cash-out refinance, collateralized by an approximately 5,000-square foot mixed-use property in Brooklyn’s Bushwick neighborhood. The loan featured a 5-year term with 25-year amortization.
The principals purchased the property in May of 2014 for $1.8 million. They renovated the residential units and updated the building to significantly increase the overall rental income.
“The challenge in this transaction was that most banks have a seasoning requirement before considering a cash-out refinance, and the principals inherited a nonconforming Certificate of Occupancy as well,” said Cushman & Wakefield’s Jessica Ke, who exclusively handled this transaction. “We ultimately introduced the principals to a bank that not only offered a non-recourse loan at $2.24 million, exceeding our client’s expectations, but also became comfortable enough with the story behind the C of O issue,” Jessica continued.