Millbrook Realty Capital Closes $15 Million in New York City Transactions
NEW YORK--(BUSINESS WIRE)--Aug 20, 2018--Millbrook Realty Capital, LLC (“Millbrook”), a leading direct, private lender specializing in bridge loans for commercial real estate, announced today that it closed $15 million in transactions in New York City over the past 60 days. The transactions include six bridge loans and the acquisition of a performing loan.
Managing Director Uanderson Benedetti, who joined the firm in May 2018, originated the loans, which closed within 10 days of an executed term sheet. The loans have an interest rate of between 8-9% and a term of between 6-12 months. Details regarding each customized financing solution can be found below:$3.4 million loan to satisfy existing liens on a 21-unit multifamily property in Flushing, Queens; $3.0 million loan to refinance a 15-unit multifamily property in Brighton Beach, Brooklyn; $2.5 million loan to refinance a 12-unit multifamily property in Bedford-Stuyvesant, Brooklyn; $2.1 million loan to refinance four unsold condominium units located in Williamsburg, Brooklyn and Tribeca in Manhattan; $1.75 million loan to refinance an eight-unit multifamily property in Crown Heights, Brooklyn; $1.4 million loan to refinance an eight-unit multifamily property in Crown Heights, Brooklyn; and $0.8 million purchase of performing loan secured by land entitled for commercial real estate development in Long Island.
“These transactions represent exactly the type of fast and flexible financing solutions that we are able to offer sponsors,” said Mr. Benedetti. “As a reliable and prompt closer with decades of lending experience, we are able to provide capital for all types of complex transactions. We look forward to maintaining our strong momentum throughout the rest of the year and beyond.”
About Millbrook Realty Capital
Millbrook Realty Capital, LLC a leading direct, private lender specializing in bridge loans for commercial real estate located across the United States. The company provides quick closings and creative loan solutions that meet complex borrower and property requirements. In addition to extending short-term bridge loans, Millbrook Realty Capital purchases distressed debt from commercial banks and savings institutions, as well as from other private lenders. Brothers Charles and Marc Yassky, who are commercial real estate finance veterans with more than 75 years of experience, founded Millbrook Realty Capital in 2009. For more information, please visit: www.millbrookrealtycapital.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20180820005340/en/
ICR on behalf of Millbrook Realty Capital
Jason Chudoba, 646-277-1249
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Millbrook Realty Capital, LLC
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PUB: 08/20/2018 09:43 AM/DISC: 08/20/2018 09:43 AM