New York, NY (PRWEB) July 10, 2011
Terrace Capital, Inc., in strategic partnership with Greystone Servicing Corporation, Inc., has refinanced 528 Bergen Street, a 21-unit class A, apartment complex located in the Park Slope section of Brooklyn, New York.
The proceeds of this $4.2 million loan are to be used by the borrower, Carlo Merola, to make the required cash contribution for a 24-unit multi-family development project in Williamsburg, Brooklyn.
According to Anthony Burges, the senior banker and team leader on this deal at Terrace Capital, “Carl Merola is a seasoned developer with access to a wide range of financial institutions throughout the country. When his bank stopped funding his construction project due to the current economic climate, Carl turned to Terrace because of our ability to provide on-point analysis, to marshal the best resources and to close loans quickly. We are proud to have helped make Carl’s new project a reality through the refinancing of his existing property at extremely competitive rates.”
The 7-year term loan, with a 4.74% interest rate fixed for 7 years and amortized over 30 years, closed within 30 days of commitment signing. Greystone Servicing Corporation structured the loan with a Fannie Mae guarantee. Having arranged the refinancing of the maturing mortgage on 528 Bergen Street, Terrace, led by Burges, will now finalize Mr. Merola’s proposed “on book” Williamsburg construction loan which may include an additional equity contribution provided by the Landmark Opportunity fund which is a hedge fund managed by Terrace Capital.
Burges added, “Carl is a savvy and responsive client, and a pleasure to work with. I look forward to assisting him with many transactions in the future. We are also grateful for the fine work of Greystone, upon whom we can consistently rely for Fannie-backed loans”.
Terrace Capital is a direct lender and asset manager of private funds which provide debt or equity capital for commercial real estate transactions. The Firm is a leader in providing conventional mortgages and bridge loans solutions for wide range of real estate transactions. It has also recently begun a division focused on Asset-Based Lending. The creation of this division was facilitated by Burges.
Greystone Servicing Corporation, Inc. (GSC) is a highly-ranked Fannie Mae and Federal Housing Administration (FHA) lender. It offers a broad variety of loan products to facilitate the finance and development of multifamily housing. Terrace Capital is a correspondent lender to Greystone.
For Transaction Inquiries Contact:
Terrace Capital, Inc.
New York, New York 10006
Direct Dial: (212) 671-1033