$2,000,000 Bridge Loan
Crown Heights, Brooklyn, NY
16,200 Square Feet
April 2016 – Avant Capital Partners originated a loan in the amount of $2,000,000 secured by a first mortgage on two multifamily rental properties in Crown Heights that contain 18 residential rental units that are currently under renovation. Upon completion of renovation, the units will be leased at market rates. Loan proceeds will be applied to outstanding taxes and utility charges, fund loan reserves and closing costs with the remainder paid to the Borrower to complete renovations. The short term Loan represents 50% of Avant’s valuation of the property.
The Property is located in the ever popular Crown Heights, a Brooklyn neighborhood near Atlantic Avenue. It is close to the Kingston-Throop Avenue subway stop, as well as the Nostrand Avenue stop of the Long Island Railroad.