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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
01/13/2023
Property Type
Property City
Brooklyn
Property State
NY
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$12,000,000
Previous Loan Balance
$6,500,000
Loan-to-Value
65%
Property Neighborhood
Bedford Stuyvesant
Location Type
Urban
Occupancy at Closing
All Units Occupied
Number of Units
57
Building Square Footage
46,000
Borrower's Plan
Continue Rental
Broker Commission
$56,250
Deal Summary
Stormfield Capital recently funded a $6,750,000 1st lien position recapitalization bridge loan in the Bedford Stuyvesant neighborhood of Brooklyn, NY. The loan was secured by a fully-stabilized mixed-use building with 11 retail and 46 residential units. The property value was estimated to be $12,000,000 and our loan-to-value was 65%. We paid off a previous loan balance of $6,500,000. The subject property was situated a block from the Nostrand Ave subway station, which is a direct line into Manhattan that offers local and express trains. The station underwent renovations in January 2020 and currently serves about 17,500 riders each weekday. The building is approximately 46,000 square feet. All units were occupied at closing. The broker earned a $56,250 commission. The loan term was set at 12 months. This CRE bridge loan was funded in January 2023.
Funded By
Stormfield Capital, LLC
Direct Balance-Sheet Lender for Investment Properties
Dealmakers
Callahan Healy
Associate