Cushman & Wakefield is pleased to announce the closing of an $8.1 million construction/rehab refinancing, collateralized by an approximately 33,000-square foot corner retail property in Prospect Park South, Brooklyn. The loan funded 100% of the project costs, and featured a 3-year term, with extensions, at an interest rate of LIBOR + 4.25 bps. The project involves a significant renovation of an existing building in a prime location.
"We were able to leverage our deep bank relationships, substantial imputed equity, and some preleasing to get our lender to fund 100% of the project costs, with zero out-of-pocket equity. This structure would have been unheard of just a year or two ago,” said Cushman & Wakefield’s Preston Flammang, who exclusively handled this transaction.
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Agents: Preston Flammang