ValueXpress Obtains $1.72-Million Conventional Loan for a Mixed-Use Property Located in Brooklyn, NY

ValueXpress obtained a $1,720,000 first-mortgage loan that was utilized to refinance existing debt of $1,100,000 and $345,000 in equipment loans on a mixed-use property. The cash-out proceeds of $275,000 partially recovered the borrower’s substantial investment in property improvements. The property is a two-story, mixed-use retail/residential building located in the Park Slope section of Brooklyn, NY. The property, which was once two separate buildings, was constructed in the 1920s and consists of an owner-occupied retail unit on the ground floor (operated as an Italian restaurant) and four residential units above. The conventional portfolio loan was provided by Country Bank. The transaction was structured as a five-year, fixed-rate loan with the option to renew after the five-year period for another five years based on an index over the NY FHLB rate.

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