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ERG Commercial Real Estate successfully secured a $4.65-million refinancing loan for 150 W. 36th St., an office building located in the bustling Midtown Manhattan area. The five-story, 13,000-square-foot property features ground-floor retail and is situated between Sixth and Seventh avenues in the Garment District.
The lender of this self-liquidating loan was a local bank that offered a five-year term with four additional options to extend for another five years each. According to Mary Guarino, ERG’s finance director who facilitated the deal, the owner of this local building needed to refinance at a lower rate from their previous loan.
Despite facing challenges due to lenders’ reluctance towards financing office buildings in today’s market, Guarino and her team persevered and successfully secured favorable terms with the right lender. As she stated: “Persistence pays off.” This achievement marks yet another success story for ERG Commercial Real Estate as they continue to make strides in securing financing solutions for their clients’ real estate needs.
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