» $2.1 Million Mixed-Use, New York, NY
Posted by Loan Closed
This mixed-use building in New York, NY includes two residential units and one ground floor commercial space totaling 3.3K square feet.
Our borrower recently entered into a new restuarnant lease for the first floor and basement. As part of this new lease, the landlord is responsible for tenant improvements of approximately $500K. Avatar was able to quickly provide the capital needed to refinace the existing debt on the property -and- fund the entire tenant improvement allowance so that the landlord and tenant could move forward with the lease obligation.
- Loan Amount: $2,100,000
- Interest Rate: 8.99%
- Term: 24 months
- LTV: 58%