Clinton Hill Non-Performing Construction – Debt Acquisiton
Hirshmark Capital is proud to announce the purchase of a non-performing construction loan, secured by two unfinished 4-story buildings, in the Clinton Hill neighborhood of Brooklyn. The properties consist of roughly 10,000 sf and 12 apartments. The properties are situated just a few blocks from a major subway line. The seller, a local lending institution, demanded a closing time-frame of one week, all while there were a number of stop work orders and numerous construction related violations filed against the property. This is yet another example of Hirshmark Capital’s aggressive appetite in purchasing non-performing loans in a time sensitive manner, all while being able to get comfortable with a host of legal and construction related issues surrounding the transaction.