Massey Knakal Capital Services Closes A $2.0 Million Loan In Greenpoint, Brooklyn
Massey Knakal Capital Services is pleased to announce the closing of a $2.0 million acquisition loan collateralized by two buildings with retail and apartments units in Greenpoint, Brooklyn. The non-recourse bridge loan closed at 3.5% fixed for two years with no upfront fee and limited prepayment. The majority of the property was vacant at closing.
“The loan was unique due to the complexities of the collateral, such as having four vacant residential units and 100% of the income being generated by retail tenants,” said Director Scott Aiese, who exclusively handled this transaction. “My team worked with the lender to create a flexible mortgage structure with limited prepayment penalties and low costs that suited our client’s strategy to add value in the near term and secure long-term debt after the repositioning is complete,” added Aiese.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, construction loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.