Avant Capital Partners, a commercial real estate bridge lender, has originated $12.25 million in first mortgage loans secured by two multifamily rental properties, 864 Nostrand Ave and 372 Montgomery Street, in Crown Heights and an office building on 4377 Bronx Boulevard, in Bronx, New York.
The Crown Heights properties contain a total of 18 residential apartments and two ground floor commercial units, with a total net rentable area of 17,040 square feet.
The buildings were recently renovated by the borrower and the units are 100 percent leased.
The loan enabled the borrower to obtain cash out for the acquisition of other properties and will be repaid through a conventional refinance.
The second property is a partially leased, three-story, elevator office building with on-site parking and a net rentable area of approximately 40,000 rentable square feet.
The building was used as a munitions factory and was converted to an office building after the Second World War. It is close to Montefiore Hospital, within an office corridor that is experiencing significant expansion of medical office facilities.