Walsh of ERG closes two loans totaling $4 million

Andrew Walsh of ERG Property Advisors has originated two loans totaling $4 million. In the first loan, ERG financed a $2.5 million first mortgage on a four-story, 15,750 s/f community facility building. The building, which is wholly occupied on three floors by a daycare/pre-school, is to be used for critically needed technology and infrastructure upgrades for the building. "This loan will help bring new classrooms, computers and much needed infrastructure repair to a major neighborhood community facility," said Walsh. ERG also financed a $1.5 million first mortgage on four properties, three of which are vacant land and one warehouse type building being used as a garage. The property on Coffey St. is an 18,500 s/f warehouse building and is the only property in the portfolio with an improvement being made. Due to the construction of this improvement, Walsh has valued the portfolio as vacant land. He has looked at recent sales in the area to see what development rights are currently being sold for. The four lots are all in close proximity of one another and has a total of 68,677 s/f of lot space. The zoning for the properties is M1-1 and has a FAR of 1.0 which would allow you to build 68,611 s/f of commercial space as of right.