– $2,450,000 First Mortgage – Ground Leased Site – Brooklyn, NY

Posted on Jan,05 2021
by Rich Salinaro in Blog

H&O Closes $2,450,000 First Mortgage on Brooklyn site

This was another unique situation that needed a lender with know-how and experience to get closed quickly. In this deal, the borrower owns an old movie theater with a partner that is now encumbered by a 99-year ground lease to a developer. In and of itself, this is not all that unique a situation, however, only one of the owners (the borrower) was looking for financing creating an odd scenario. Thankfully for the borrower, H&O Capital was able to structure the loan in a way that allowed the borrower to get the funds they were looking for, while limiting the exposure of his partner’s interest. H&O Capital was able to close the deal in just shy of 3 weeks.

H&O Capital Funding  has helped countless real estate buyers, sellers, lessees and lessors achieve their goals. Our legacy is unwavering commitment to the communities we serve. Houlihan & O’Malley Commercial Real Estate Services specializes in four distinct, yet overlapping, areas of business: Commercial Brokerage services, Private Mortgage services, Appraisal Services and Advisory services.

For more information on loans that we offer, visit our website.

 

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