The mixed-use property located at 502 86th Street in Brooklyn was involved in a recent transaction. ASG Equities served as the landlord, while Bayview Asset Managementprovided a $29,000,000 bridge loan for the property. The loan was sourced by RIPCO’s D&SF team and will be used to fund a lease-up plan and capital improvement projects related to New York-Presbyterian’s anchor lease along a prime corridor in Bay Ridge, Brooklyn.

Summary of transaction details:
Property Type: Mixed-use
Transaction Amount: $29,000,000
Address: 502 86th Street
Market: Brooklyn
Landlord: ASG Equities
Lender: Bayview Asset Management
Brokers: Steven Sperandio (Ripcocapitaladvisory) – Ripco, Michael Fasano – Ripco, Jake Weiss (Jakeweiss6) – Ripco
Loan Type: Bridge

Steven Sperandio, Michael Fasano, and Jake Weiss played key roles in the transaction, representing their respective companies in the deal. The loan will facilitate the enhancement of the mixed-use asset, supporting the lease-up strategy and capital improvement initiatives aimed at New York-Presbyterian’s lease within the prime location of Bay Ridge, Brooklyn.

Originally published on Traded.co