TerraCRG arranges $2.4 million first mortgage refinancing

According to TerraCRG, their debt financing team arranged a $2.4 million first mortgage for the refinancing of a mixed-use property in the Park Slope neighborhood. The 6,800 s/f new construction building consists of four apartments and one commercial retail space on the 5th Ave. retail corridor. The property was purchased earlier in 2012 through TerraCRG, who represented buyer and seller in an all-cash transaction for $3.75 million. TerraCRG was exclusively hired to assist with the procurement of the debt and obtained $2.4 million in commercial bank loan financing, representing a 65% loan-to-value. "The main challenge in obtaining favorable financing terms for the deal revolved around the high percentage of retail income," said Efrat Sharon, senior VP and the head of the debt financing team at TerraCRG. "The loan closed at a sub-3.5% interest rate despite recent rate increases in the market."