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Brokerage
Posted: June 11, 2024
Cohen of Refined arranges $2.5 million construction loan
Brooklyn, NY According to Refined, senior capital advisor, Peter Cohen, has successfully arranged a $2.5 million construction loan for 2-story property located in Boerum Hill. The 5,000 s/f property will be developed into 2 luxury units.
Cohen secured a 10.5% interest rate, with a 6-month prepayment penalty for a 12-month term. The borrower needed capital to refinance an existing debt and complete construction. More importantly, the lender did not require the borrower to put their equity into the deal first.
This transaction underscores Refineds ability to navigate complex financial landscapes and deliver tailored solutions to clients.
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