Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Closes $2.24 Million Loan in Bushwick

05/08/2015

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.

05/08/2015 - 18:15

Source

Cushman & Wakefield Capital Markets Group New York

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