NEW YORK, NY Millbrook Realty Capital, LLC, a leading direct, private lender specializing in bridge loans for commercial real estate, has closed $15 million in transactions in New York City over the past 60 days. The transactions include six bridge loans and the acquisition of a performing loan.
Managing director Uanderson Benedetti, who joined the firm in May 2018, originated the loans, which closed within 10 days of an executed term sheet. The loans have an interest rate of between 8-9% and a term of between 6-12 months. Details regarding each customized financing solution can be found below:
• $3.4 million loan to satisfy existing liens on a 21-unit multifamily property in Flushing, Queens;
• $3 million loan to refinance a 15-unit multifamily property in Brighton Beach, Brooklyn;
• $2.5 million loan to refinance a 12-unit multifamily property in Bedford-Stuyvesant, Brooklyn;
• $2.1 million loan to refinance four unsold condominium units located in Williamsburg, Brooklyn and Tribeca in Manhattan;
• $1.75 million loan to refinance an eight-unit multifamily property in Crown Heights, Brooklyn;
• $1.4 million loan to refinance an eight-unit multifamily property in Crown Heights, Brooklyn; and
• $0.8 million purchase of performing loan secured by land entitled for commercial real estate development in Long Island.
“These transactions represent exactly the type of fast and flexible financing solutions that we are able to offer sponsors,” said Benedetti. “As a reliable and prompt closer with decades of lending experience, we are able to provide capital for all types of complex transactions. We look forward to maintaining our strong momentum throughout the rest of the year and beyond.”