Brooklyn, NY

$3,400,000

Multifamily

Refinance

11/15/2019
Transaction by
Avatar Financial Group
Avatar Financial Group, a direct private mortgage lender based in Seattle, funded a $3,400,000 bridge loan to refinance two multifamily properties in Brooklyn, New York. The Borrower is an experienced real estate developer who specializes in repositioning multifamily properties in the NYC metro area. The previous loans for the project were due in full, and additional time was needed to complete the rehabilitation of one property and stabilization of a second property prior to obtaining conventional financing. Avatar was able to quickly refinance the loan on each property and provide some additional needed to successfully stabilize the property and complete the renovation as planned. The interest rate was 8.25% with a loan term of 12 months. The loan-to-value was just 75%. The deal was brought to us by a mortgage broker to whom we paid a broker commission in the amount of $34,000. This commercial property bridge loan was funded in November 2019.