Bed-Stuy SRO & Bushwick Mixed-Use – Bridge Loans
Hirshmark Capital, through an affiliate entity, is proud to announce the funding of two unrelated bridge loans this week; an SRO in Bedford-Stuyvesant and a mixed-use building in Bushwick for a total origination of $1,350,000 in debt. The properties are 7,600 SF in total and both well located. The borrowers needed capital in order to renovate their buildings, as well as for other business purposes. Hirshmark Capital was able to get comfortable with a myriad of issues, including a potential 7A administrator claim, property accessibility issues, significant amounts of non-paying tenants, numerous open violations, as well as other title issues, and get to the finish line in a timely, cost-sensitive manner. This is yet another example of Hirshmark Capital’s aggressive appetite in providing short term bridge financing in a time sensitive manner.