ValueXpress Closes Loan Secured by Mixed-Use Industrial Property in Brooklyn, NY

ValueXpress arranged a $2,325,000 first mortgage loan secured by a mixed-use office/warehouse/showroom building that is 100% owner-occupied by a plumbing supply company.  The building consists of 19,200 square feet and includes four floors plus a basement, situated on a 0.147± acre site.  Each of the four floors contains 4,800 square feet with 14-foot ceilings.  The property is located in the neighborhood of Sunset Park in Kings County, Brooklyn, New York.  The transaction featured a 25-year term with an initial 5-year fixed-rate period.  Loan payments are based on a 25-year amortization schedule.

“What was amazing about the location of this property is the appraiser surveyed 15 retail properties located in the subject property’s market and found virtually no vacancy,” said Michael Sneden, Executive Vice President of ValueXpress. “How’s that for a strong market?!

This entry was posted in Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, Owner-Occupied Loans, Owner-User Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , , , . Bookmark the permalink.

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