Cronin of Q10 | New York Realty Advisors closes $4.5 million in financing

According to Jeanne Cronin, managing director of Q10 | New York Realty Advisors, they closed a first mortgage loan in the amount of $4.5 million for a 6-story elevator apartment building located on Bay Ridge Parkway. The non-recourse loan was written for a 12-year term based on a 30-year amortization schedule. The interest rate was fixed at 3.625% for years 1-7 and will be reset in year 8 for the last 5-years of the loan term. The loan was a PAR loan. The property is located in Bay Ridge, an established, highly sought-after section of the borough. The building is owned and managed by a prominent New York owner who has been in the real estate business for many decades. The building is consistently fully occupied. Cronin placed the loan with a major New York savings bank. The lender was represented by the law firm of Lynch & Associates. The borrower was represented by Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP. Q10 | New York Realty Advisors, is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 24 offices nationwide. Q10NY has the resources and expertise to provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Their clients are given access to a wide variety of lending sources and a full range of financing products through their established relationships with local and national lending sources. Their affiliation with Houlihan-Parnes Realtor, a multi-dimensional privately owned real estate company provides a level of professionalism and expertise unmatched in the market.