Connect Media > New York News > Long Island > Mag Mile Completes Refi on Southampton Industrial

December 3, 2020 Comments Off on Mag Mile Completes Refi on Southampton Industrial Views: 540 Long Island, New York News, Tri-State Area New York

Mag Mile Completes Refi on Southampton Industrial

Order Reprints...

Mag Mile Capital’s Matt Weilgus and Rob Bernstein completed a $4,200,000, 10-year fixed-rate refinance on behalf of the owner of an industrial property at 152 Tuckahoe Ln., Southampton, NY.

“The borrower’s original lender had to terminate the refinancing for COVID-19-related reasons with their overall loan portfolio,” said Weilgus. “We quickly had to pivot, but we were able to source a new lender, despite the challenging environment, and ultimately secured more attractive terms than original lender offered.”

Bernstein added, “In the end, the borrower received a dramatic improvement on his interest rate and some cash out to reinvest in the property and his existing construction business.”

The $4.2-million loan for the warehouse / office property was closed at 72% loan-to-value and at a fixed interest rate of 3.875% for seven years with rate reset for years eight to 10. The loan by a balance sheet lender also includes no prepayment penalties.

Connect With Mag Mile’s Weilgus

Connect With Mag Mile’s Bernstein

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , ,

Comments are closed.