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Brokerage
Posted: August 27, 2024
Cohen of Refined arranges three loans
Brooklyn, NY Peter Cohen of Refined closed three loan transactions.
These deals consisted of ground-up construction, an acquisition bridge loan and a partner buyout.
• Condo construction - 65% LTV, 14-unit condo construction completion, terms: SOFR + 650, 1.75% fee, 24-month term
• Acquisition bridge loan - The borrower was in contract on a sale and needed to close in 48 hours. Cohen found a lender who closed in 24 hours upon a signed term sheet and deposit.
• Partner buyout - The borrower owned a percentage share in a property. In order to take full ownership, the borrower was looking for a bridge loan in order to buy out the other partners. This loan was collateralized by a two-family in Bedford–Stuyvesant.
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