$1,720,000 Bridge Loan
Bushwick, Brooklyn, NY
3,696 Square Feet
May 2016 – Avant Capital Partners originated a loan in the amount of $1,720,000 secured by a first mortgage on a three-story mixed-use building in Bushwick, Brooklyn. Loan proceeds financed the acquisition of the Property and funded reserves for renovations, interest, real estate taxes and insurance. The 12-month Loan represents 75% of Avant’s valuation and $465 per net rentable square foot.
The Property contains five free market residential rental units and one ground floor commercial unit. Four of the residential units are leased and the commercial unit is leased to a retail tenant. All units are currently leased at below-market rates. Upon acquiring the Property, the Borrower will complete a renovation and re-let the units at market rates. The Borrower is an experienced sponsor with a successful track record repositioning similar projects.