Massey Knakal Capital Services is pleased to announce the closing of a loan for a retail property located on 86th Street in Brooklyn’s Bensonhurst neighborhood. The $2,500,000 non-recourse loan was fixed for five years at 4.75% with a five-year extension option. The property is approximately 8,000 square feet and contains three retail units located on a prime retail thoroughfare in Brooklyn.
“This was a challenging loan because the property was partially owner-occupied. Typically owner-occupied properties require full-recourse financing. We were able to find a lender who believed in the real estate value and the retail market on 86th Street to complete the transaction on a non-recourse basis,” said Director Morris Betesh who exclusively handled this transaction.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet client needs. MKCS specializes in a variety of debt and equity based real estate financing including fixed rate loans, floating rate loans, construction loans, mezzanine loans and bridge loans.
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Neighborhoods: Bensonhurst