Victory Capital arranges $14.4 million in financing

Brooklyn, NY According to Michael Bivona of Victory Capital, the firm closed $14.4 million in loans:

• The firm closed a loan through the Coronavirus crisis. The local regional bank, based on Victory Capital’s relationship, honored the commitment letter to secure the $1.1 million loan with a five-year term at a 4% rate to refinance a vacant, three-story, mixed-use dwelling with two, two-bedroom residential units and one commercial unit. The commercial unit’s end use will be a restaurant. The subject property, located in the Bensonhurst neighborhood, is an 80% complete condo project. The building will be a 10,000 s/f, eight-unit, four-story walkup residential building. 
• Bivona and Max Goveia of Victory Capital arranged a $2.7 million loan for the sponsor at a 5.5% interest rate, used to complete the construction of the said property and to recapture money previously invested. 
• A $3.4 million loan at fixed 4.75% rate for five years and 25 year amortization was secured with a local bank. The subject property is in the Bushwick neighborhood. The 10,000 s/f building is one-story with three commercial units and 100 ft. of frontage. Two units are leased and the third unit is being marketed. Bivona and Goveia negotiated a permanent financing option pre-coronavirus for a building with a vacant tenant and two tenants occupying less than two months. 
• Victory Capital secured a $5.3 million loan at 4.5% with two years of interest only, collateralized by a four-story, mixed-use dwelling in Tribeca. The building is composed of three residential units and one commercial unit, all of which were vacant and gutted at the time of closing. The sponsor needed funding to renovate and stabilize the property. The deal was closed in 20 days due to Victory Capital’s speed and certainty of execution. 
• Victory Capital secured a $1.9 million loan collateralized by three single family properties in Great Neck, Kew Gardens, and College Point. Each loan was fixed for seven years at a collective rate of 4.2%. 

Victory Capital’s ability to find creative solutions for their clients in a timely manner resulted in another instance of exceeding client expectations.