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» $5.5 Million Community Use Facility, Brooklyn NY

Posted by Loan Closed

community-center-brooklyn-2.pngA 35,000+ sq ft Community Use Facility, originally constructed in 1931
and located in a thriving high-density area in Brooklyn, NY. Multiple
uses include a grade school, high school, special needs center, synagogue
and meeting hall. The borrower contacted Avatar to provide a bridge
when a third party high school tenant vacated and the original bank debt
was sold to a vulture fund that chose not to honor a prior extension
commitment and commenced foreclosure proceedings. Avatar's loan
provides the time needed to procure a new tenant and financing. 

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