$4,500,000 bridge loan used to acquire a non-performing loan secured by a 51,950 square-foot mixed-use commercial building located at 1500 Astor Avenue and 2300-2314 Eastchester Road in Bronx, New York. The borrower will use the loan proceeds to buy the defaulted note on the property. A foreclosure judgment was obtained by the seller of the note and a foreclosure sale occurred which was won by the seller. As the borrower will be purchasing its own note back from seller, at closing the borrower will take title to the property. The property, built in 1930 and renovated in 1997, consists of two buildings totaling 21,950 square feet on 0.66 acres: a one-story strip commercial building fronting on Eastchester Road and a two-story office building with elevator on Astor Avenue. Upon issuance of the loan, the property was 95% leased to eight tenants, the majority being medical tenants and a real estate agency.
