May 27, 2014 – Greenwich, CT – AVANT Capital Partners, a leading commercial real estate bridge lender, has originated a $3,275,000 bridge loan secured by a property located at the corner of Flatbush Avenue and Lincoln Road in the Prospect Lefferts Gardens neighborhood of Brooklyn, NY. The interest-only 24-month loan carries an interest rate of 8.00%, and refinanced the first mortgage. The loan was brokered by Marko Kazanjian of Meridian Capital Group.
“Although this was Meridian’s first transaction with Avant Capital Partners, the process was efficient and the client was very pleased with the outcome.” Said Mr. Kazanjian, Additionally, the transaction benefit from Avant’s ability to understand and underwrite the potential of this neighborhood and its significant upside.”
Adam Luysterborghs, Founding Principal at AVANT originated the $3,275,000 loan. Mr. Luysterborghs commented, “The residential rents in Prospect Lefferts Gardens are still in the $25-30 per square foot range while more established Brooklyn neighborhoods see $50 per square foot and higher for apartment rentals. This is a good neighborhood which, as it improves, could see a doubling in residential rents.”
The 11,943-square foot property contains four ground-floor retail units, and five second-floor apartments and is located in Prospect Heights Lefferts Gardens neighborhood of Brooklyn, adjacent to Prospect Park and a block away from the Prospect Park Subway stop, which serves the B and Q trains, and the Franklin Avenue Subway shuttle. The property enjoys a highly visible corner location on Flatbush Avenue, a major north-south artery that provides direct access to Manhattan via the Manhattan Bridge.
Demand for residential and commercial real estate in Brooklyn is strong with high occupancy and increasing rents. According to data from Douglas Elliman Real Estate, there were 854 new residential leases signed in March 2014. Days on the market fell 43.4% compared to March 2013.
Prospect Lefferts Gardens, like much of Brooklyn, is undergoing a rapid demographic change. New residential developments are attracting residents from Manhattan who enjoy more affordable rents, proximity to the 585-acre Prospect Park and public transposition access into Manhattan via the B, Q, 2, and 5 trains. Residential rents in Prospect Lefferts Gardens are about 50% lower than Manhattan.
About Avant Capital Partners
Avant Capital Partners is a balance sheet bridge lending firm. The loans are secured by commercial real estate located in New York, Connecticut, and other Northeast Corridor markets from Washington DC to Boston. Avant Capital’s bridge program is geared towards assisting developers capitalize on time sensitive and other non-bankable transactions that require flexible financing.
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