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Follow on Google News | Terrace Capital: Announces- $8MM Non-Recourse Commercial Mortgage- Class A Office – Brooklyn, NYNew York, New York – May 28, 2013 - The proceeds of this $8MM, 75% loan-to-value mortgage was used by the borrower, 1733 Sheepshead Bay, LLC, for the repayment of existing debt and equity for the development of several new projects in Brooklyn.
By: Terrace Capital The project, a Class A, 30,000 s.f. office complex, is located along Sheepshead Bay road in the Sheepshead Bay section of Brooklyn, NY. The current configuration of the building improvements results from the redevelopment of an obsolete building, which was originally constructed in 1927 and subsequently re-developed in 2011 as a five story, mixed use property with ground floor retail and four stories of professional office space above. According to a senior underwriter at Terrace Capital (http://www.terracecapital.com/) Intimate knowledge of the New York commercial real estate markets, allows Terrace Capital (http://www.terracecapital.com/ Terrace Capital (http://www.terracecapital.com/) For more information about Terrace Capital and the services it provides, go to www.terracecapital.com. End
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