Carle Place, NY ERG Commercial Real Estate’s Mary Guarino has delivered a $2.7 million refinance loan for the owner of 255 Glen Cove Rd. The 10-year loan with a rate adjustment after year five, has a 3.625% interest rate.

The two story, 9,429 s/f commercial building houses ERG’s company headquarters on the second floor and a medical marijuana dispensary on the ground floor.

“This refi was difficult due to the nature of one of the tenants,” said Guarino. “Most banks shy away from lending on a property with this type of tenant but we were able to find a bank that would. This is a quality asset with a quality tenant.”

Guarino also negotiated a $1.5 million refinance loan on a three story multifamily building at 75 West 118^th St. in Harlem. The 10-year loan with a rate adjustment after year five, carries a 3.5% interest rate. The 5,200 s/f building has eight apartments and was built in 1909.

Thanks for Reading!

You've read 3 of your 3 guest articles

Register and get instant unlimited access to all of our articles online.

Sign up is quick, easy, & FREE.

Subscription Options

Already have an account? Login here