Ditmars Park Multifamily
Short Term Capital has funded a $2.8 million acquisition and renovation loan secured by a six-unit multifamily building located in the Ditmars Park section of Brooklyn, NY.
The subject property is 6,300 sf and sits on a 4,000 sf lot.
The borrowers purchased the vacant building for $2.6 million, according to Short Term Capital’s Finance Director Mary Guarino. “The Guarantors are seasoned real estate professionals with an established history in successful real estate acquisition and redevelopment activities. The property will undergo a building wide substantial rehabilitation and will be repositioned to accommodate co-living apartments.”
According to Guarino, “Short Term Capital was able to fund despite the property being fully vacant and having zero rental income.”
- $2,800,000Amount
- Brooklyn, NYPlace
- January 2023Year
- Acquisition/Renovation LoanType
