IMC closed a $12,400,000 bridge loan on a mixed-use property in Brooklyn, New York. The 25,575 SF building contains medical office and retail space.
This is the first deal in New York since IMC relaunched its non-recourse bridge loan program.
Earlier in the year, the experienced Borrower acquired the project from a Seller with a complex ownership situation and was subsequently looking to IMC for conventional bridge loan financing, after cleaning up the title. He quickly procured two long-term leases for the building, and was looking for additional loan term and leasing funds in order to fill up the rest of the building.
The property is located in a fast-growing area of Brooklyn, and on a primary retail corridor, with the area experiencing rising rents and low vacancies.
The non-recourse loan proceeds will be used to refinance existing debt, fund an interest reserve, and future leasing costs. As with all of IMC’s loans, interest is not charged on future fundings until the money is advanced.