$3,375,000 Bridge Loan
Bushwick, Brooklyn, NY
12,700 Square Feet
January 12 – Avant Capital Partners originated a first mortgage loan in the amount of $3,375,000 secured by a multifamily property consisting of sixteen rent stabilized apartments in a four-story building containing 14,940 gross square feet. The borrower used the Loan proceeds to acquire the Property and establish reserves for the “buy-out” of various rent stabilized tenants and for renovations. The short-term Loan represents 75% of Avant’s underwritten stabilized valuation.
The borrower purchased the Property 100% leased to various rent stabilized tenants. The borrower plans to convert the units to market rate by destabilized existing leases though renovations to the units.
The Property is located in Crown Heights, a neighborhood of Brooklyn that is experiencing strong demand for rental apartments from young professionals priced-out of Manhattan and more expensive neighborhoods in Brooklyn.