Essencap successfully closed on a $1,600,000 mixed used building in Elmhurst, Queens, NY.
We are pleased to announce that Essencap successfully arranged a commercial real estate loan. The subject is improved with a two story, combination building with first floor as a 99 cents store and an apartment on the upper floor. It has a total building area of 3,400 square feet. The site has a total area of 2,250 square feet and is zoned “C1-3” with an “RA” overlay.
The borrower is a retired full-time investor, travel between Georgia and New York. The lender is comfortable with absentee ownership structure.