Multifamily in Staten Island, NY

Borrower acquired a four-unit building in the heart of Staten Island with 6 parking spots. The building needed a full renovation in order to get the maximum market rents and, with the additional parking, lease up time took nothing. BD Capital provided 85%/100% and was at 50% ARV, the loan took nine months from acquisition to refinance. We funded all the work and the borrower waited to full stabilization until refinancing. Featured project due the location and amenities of the parking.