Queens Retail/Re-Development Site – Debt Acquisition
Hirshmark Capital is proud to announce the purchase of a non-performing loan, and related credit lines with a current unpaid balance of $1.5MM from a local lending institution. The loan is secured by a 5,400 SF one-story, corner building, containing 1 commercial unit and a parking lot. The collateral boasts almost 190 feet of wraparound retail frontage, and also contains 22,000 sf of buildable air rights. It is situated on the corner of a very busy intersection and on the same block as a number of national retailers. Hirshmark Capital’s expertise and comfort in purchasing non-performing debt, as well as overall comfort in the retail centric asset class, led to a quick and seamless purchase.