ERG delivers $5 million loan

Brooklyn, NY ERG Commercial Real Estate through an affiliate, delivered a $5 million cash-out refinance loan to the owner of a fully leased commercial cash flowing property containing five tenants. 

The 13,300 s/f property at 29 Wyckoff Ave. and Troutman St. that was built in 1931, is located in one of Bushwick’s busiest retail intersections. 

The loan features a 4% fixed rate for five years with a five-year option to renew and a 25-year amortization rate. 

The borrower has owned the property for over 20 years operating his business out of the warehouse. However, as the area has seen massive change over the last few years, prime retail tenants began to show interest in the site. Over the last year, the owner converted the property from a large warehouse to five retail units, adding significant value to the property. 

“This was a great deal for all the parties involved,” said ERG’s managing director Ryan Lewis who, along with Mary Guarino negotiated the loan for the borrower. “Through strong relationships and the quality of the deal, the bank was able to hold the four percent rate through the market changes while the owner finalized the buildout of the retail spaces.”