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$7,200,000 construction loan for new 30-unit condominium
in Bensonhurst, Brooklyn, NY |
Winter & Company has successfully arranged a $7,200,000 loan for the site acquisition and construction of a six-story, 30-unit condominium building with ground floor commercial space and 16 parking spaces on Kings Highway in Bensonhurst, Brooklyn. Henry Berliss arranged the loan on behalf of a family-owned construction and development firm, which is an active developer of residential properties in New York City.
The borrower was pleased to have an 80% loan-to-cost LIBOR-based construction loan placed with a lender who knows the market well and who has a reputation for excellent service, prompt execution on construction draws and reasonable release terms as condominium units are sold. The loan closed in June 2004.
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$2,550,000 permanent mortgage for a free-standing net-leased
CVS store in Mahwah, NJ |
| Winter & Company closed a $2,550,000 permanent loan for a recently completed 10,875 SF free-standing store net-leased to CVS in Mahwah, NJ. The lender is an insurance company based in the midwest. The 20-year self-liquidating mortgage was arranged with no points to the lender and a fixed rate of 6.25%.
Providing a significant advantage for the borrower, Henry Berliss of Winter & Company was able to structure the deal so that the lender locked the rate six months prior to the closing, while the building was still under construction. Furthermore, both the forward commitment and the early rate lock were arranged at no cost to the (delighted) borrower.
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