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Brokerage
Posted: May 28, 2013
Cronin of Q10NY and Linksman of Bridge Funding originate $29 million
According to Jeanne Cronin, managing director of Q10 | New York Realty Advisors (Q10NY), the company closed a $29 million first mortgage loan secured by a 14-building industrial portfolio. The non-recourse loan was written for a 10-year term based on a 30-year amortization schedule. The interest rate was fixed at 4.22% for the term of the loan. The loan was a par loan.
The properties are owned, managed and leased by an area family who has been in the real estate business for several decades and has amassed a substantial real estate portfolio over that period.
Cronin said, "The lender went above and beyond in addressing the borrower's needs. There were several unexpected issues that cropped up during the due diligence and closing process that the lender handled in a highly professional and pro-active way so that all parties' interests were addressed and resolved to everyone's satisfaction."
Cronin of Q10NY together with Larry Linksman of Bridge Funding originated and placed the loan.
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