Nova of Cornerstone Group of NY arranges three loans totaling $8.005 million

New York, NY The Cornerstone Group of NY (CSG-NY) has arranged a total of $8.005 million for the following three loans: • Russell Nova, SVP of CSG-NY was able to arrange $5.175 million in financing for 41-45 Elliot Place, Bronx, consisting of 69 residential units. Nova and his advisors were able to work hand in hand with ownership and structure the property for aggressive financing options. Nova was able to negotiate terms with the lender specifically for a shorter term in order for ownership to re-invest back into the property. • Nova worked with the purchaser of 2024-2026 Steinway St., Astoria, which consists of six residential units and two retail units, to ensure he purchased the property quickly and effectually as this was a 1031 exchange. The borrower was working with another firm at the time, and was not able to achieve the goals for the borrower. CSG-NY was able to secure $1.83 million in financing in two weeks and ensure that the borrower did not pass his required time of the 1031. • Nova and his advisors worked with ownership and due to the strength and relationship CSG-NY has with its lenders, they were able to convert a property with a C/O of four units, into their commercial portfolio. Ownership has prior real estate experience and it was imperative for their group to get creative and get exceptions from their lenders. The borrower was refinancing his property in order to purchase a business. The loan amount was $1 million. “We urge those looking for financing options to contact our offices and speak with our commercial lending advisors,” said Nova, SVP and Igor Zakh, COO.