ValueXpress obtained another conventional first mortgage loan commitment from its New York-based banking partner Country Bank to be secured by a 12,400-square-foot brick industrial building located in Bronx, NY; the loan commitment is for the brother of a sponsor for whom ValueXpress has arranged six financings. The bank intends to keep the loan in its portfolio with the other six loans. This loan will allow the client to purchase the property and further expand its business. The transaction was structured with a 5-year loan term, with one 5-year extension option. The loan will amortize on a 25-year schedule. The loan features a competitive fixed rate during the initial 5-year term.
The single-story property is located at the confluence of Southern Blvd, Freeman Street and Louis Nine Blvd in the Crotona Park section of the Bronx. The property has excellent visibility, offering 100 feet of frontage on Louis Nine Blvd. The property is located at the foot of the #2 and #5 subway station at Freeman Street, providing easy access to the east and west side of Manhattan.
Gary Unkel, senior loan originator for ValueXpress, originated the loan on behalf of the brother of this long-time client. Unkel commented, “The company needed additional warehouse and office space based on its rapidly expanding business, and Country Bank stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. These items are purchased by the pound, and items in good condition are resold in vintage clothing stores in the New York metro area, while the balance is exported, primarily to Guatemala.