$1,230,000 Bridge Loan
Crown Heights, Brooklyn, NY
5,105 Square Feet
December 2015 – Avant Capital Partners originated a first mortgage loan in the amount of $1,230,000 secured by a multifamily property consisting of six rent stabilized apartments in a three-story building 6,006 square feet. The Loan funded the acquisition of the Property and established reserves for the buy-out of four rent stabilized tenants and planned renovations. The 12-month Loan represents 65% of Avant’s underwritten stabilized valuation of $205 per square foot. The Property is currently 100% leased to six rent stabilized tenants. The borrower will buy out four of the six rent stabilized leases and complete renovations. Upon completion, the four units will be re-let at market rate.
The Property is located in the Crown Heights neighborhood of Brooklyn. Crown Heights is experiencing strong demand for rental apartments by young professionals who are priced-out of Manhattan and the more expensive neighborhoods in Brooklyn.