Navesink River Capital Closes Over $1.4 Million of Loans
Funding Covers Five Properties in New York and Florida
Freehold, NJ, September 11, 2013 – Navesink River Capital, LLC has closed five loans totaling more than $1.4 million for retail and residential properties in New York and Florida, announced Jonathan Hornik, founder and CEO of the Freehold, NJ-based direct private lender. In the largest transaction, Navesink completed a $775,000 loan in Huntington, Long Island, NY, secured by 15 New Street, a two-story, semi-attached retail building. The borrower was owner Huntington New Street LLC.
“The funding’s intended use is for mortgage financing by the owner,” said Hornik. “The property was recently acquired at auction for $1.13 million.”
The 6,740-square-foot building, zoned for retail, is situated in the heart of Huntington Village at the intersection of Routes 110 and 25A, and adjacent to the municipal parking lot. The property, which recently underwent renovations including new building systems and a roof, is slated for additional upgrades by the owner as well. It is currently fully occupied by a single tenant, La Notte Ristorante, and with two commercial kitchens the property can be used as two separate restaurants, or one restaurant with private dining on the second floor.
“The rental market for retail space in Long Island has improved over the last year,” said Hornik. “While vacancy rates have remained stable at 5%, asking rents have increased. This property is thus well-positioned for any future use.”
The other four loans were provided for residential properties in Florida. In Kissimmee, a $275,000 loan was obtained by the purchaser of a residential property in the Orlando market. And acquisition financing was provided for the new owners of two properties in Orlando ($250,000), and another property in Pembroke Pines ($110,500).
Navesink River Capital, LLC is a direct private commercial lender servicing the real estate and other industries, specializing in providing loans to entities and businesses that cannot obtain conventional financing from traditional lending institutions in today’s current tight credit markets brought about by the soft economy. When traditional lending institutions will not lend, Navesink River Capital can provide or arrange funding of $100,000 and up quickly, in an easy and coordinated streamlined closing procedure.