ValueXpress Arranges $3.15-Million SBA 504 Loan for the Purchase of a 16,000 SF Industrial Building in Brooklyn, NY

ValueXpress has arranged a $3.15-million SBA 504 loan for the purchase of a 16,187-square-foot industrial building located in the East Flatbush neighborhood of Brooklyn, New York. The building was constructed in 1930 and is situated on a 0.334-acre site. The clear height of the warehouse space is 18 feet and the office square footage approximates 17% of the building. Currently, the property is 100% owner-occupied by Persam Import/Export Corporation. Persam buys used clothing from charities such as St. Vincent DePaul and either exports the clothing to South American countries or retails the clothing in vintage stores or thrift stores owned by affiliated companies. The borrowers own and operate 14 retail stores in Brooklyn and Manhattan and one retail location in Long Island.

319-321 Clarkson Ave Brooklyn NY

319-321 Clarkson Ave., Brooklyn, N.Y.

The first mortgage loan in the amount of $1.75 million was provided by Country Bank, an affiliate of ValueXpress. An SBA 504 second mortgage in the amount of $1.4 million will be provided by the New York Business Development Corporation (NYBDC). Total financing represents 90% of the $3.5-million purchase price.

Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “This is the eighth financing that I have obtained for this client and I look forward to providing for additional financing needs in the future.”

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This entry was posted in Commercial Lending, Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, SBA, SBA 504, SBA Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , , . Bookmark the permalink.

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