Lynbrook, NY ERG Commercial Real Estate brokered a $600,000 line of credit on an office building allowing the owner to invest in other properties.
The loan was a five-year interest-only floating rate with the flexibility to access funds as needed on the 8,579 s/f office building with 11 units at 347-341 Merrick Rd.
“The owner, who occupies part of the office property, needed access to funding to invest in his other portfolio,” said ERG’s Matthew Murphy, who along with ERG’s Jazib Khan brought in the lender, a local bank. “Due to our relationships with regional lenders, we were able to arrange for the proceeds amount he was looking for as well advocate for competitive terms.
“Securing financing for office properties is challenging in today’s lending market, our expertise and strategic approach made it possible. It is the persistence and meticulous attention to detail that ultimately led to the successful closing of this line of credit,” said Khan.
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