Central Islip, NY ERG Commercial Real Estate, through an affiliate, arranged the funding of a $2.1 million refinance loan secured by two commercial strip shopping centers on Long Island.
The single-story buildings at 861 & 889 Lowell Ave. contain eight stores that include a daycare center, meat market, liquor store, pizzeria, grill, Dominos, a deli and a cycle shop.
The borrower, who purchased 861 Lowell Ave. in 2001 and 889 Lowell Ave. in 2005, needed the capital to refinance a maturing loan.
The new loan at 70% LTV, offers a 5% fixed rate for the first five years of the 10 year loan.
This transaction was negotiated by ERG’s Mary Guarino and Anthony Flaccomio.
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