$2,400,000 Bridge Loan
Long Island City, Queens, NY
5,000 Square Feet
June 2016 – Avant Capital Partners originated a loan in the amount of $2,400,000 secured by a first mortgage on a two-story office building in an industrial submarket of Long Island City, NY. Loan proceeds were used to acquire the Property, fund loan reserves for renovations and tenant improvements. The short term Loan represents 73% of Avant’s valuation of approximately $480 per square foot.
The existing improvements contain a total rentable area of 5,000 square feet, as well as a 3,000 square foot surface parking lot with spaces for approximately 12 cars. An additional 6,000 square feet of development rights were included. Plans call for renovations such as new windows, repointing and refinishing.
The Property is situated in a commercial/industrial zone near Vernon Boulevard, not far from the iconic Citicorp building between Court Square and Hunters Point. Multiple subway lines are accessible nearby, offering expedited access to mid-town Manhattan and to other parts of Queens and Brooklyn.