Prospect Heights & East Flatbush Commercial – Bridge/Renovation Loan
Hirshmark Capital is proud to announce the funding of a $3,200,000 bridge/renovation loan secured by two mixed-use properties in Prospect Heights and one retail strip in East Flatbush. The Prospect Heights properties are each 3-stories, one of which is completely vacant. The properties are situated just a few blocks from major subway lines and Prospect Park. The East Flatbush retail strip consists of 5 stores, situated at a major intersection. In total, the loan is secured by roughly 13,000 SF of real estate; 9,000 SF of commercial space and 4,000 SF of residential between four apartments. The borrower needed capital to payoff a pending foreclosure and to gut renovate one of the properties in Prospect Heights. This is yet another example of Hirshmark Capital’s aggressive appetite in providing short term bridge financing in a time sensitive manner.