ValueXpress obtained a $5,100,000 conventional first mortgage loan from a N.J.-based community bank secured by two industrial buildings located on Williams Street in Brooklyn, N.Y. The sponsor will operate a vintage clothing store in part of the first floor space of the building, adding to the numerous locations throughout Brooklyn and Manhattan where the sponsor operates additional stores. The balance of the space will be used for warehouse purposes.
Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “The borrower needed to close quickly and I located an aggressive N.J. bank anxious to expand in New York City that stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. Items are purchased by the pound, and those in good condition are resold in his vintage clothing stores in the N.Y. metro area, including the subject store, while the balance is exported, primarily to Guatemala.