EBSC Lending provided a $17,500,000 loan to refinance a 127-unit multifamily property in the Fort George neighborhood of New York, NY.

The financing was originated by Martin Alex, CEO at EBSC Lending. The property is a garden-style apartment community consisting of eight buildings with one-, two-, and three-bedroom units. On-site amenities include a fitness center, laundry facilities, a swimming pool, outdoor grilling area, dog park, playground, and pickleball court. The $17.5 million non-recourse, fixed-rate loan offers a five-year term with 30-year amortization and interest-only payments for the entire duration of the loan.

Located in the Fort George neighborhood, the property is within walking distance of the M-train and bus stops and is easily accessible from Route 9, which spans 325 miles from the George Washington Bridge in Manhattan to Interstate 87 near the Canada-U.S. border.

“EBSC Lending's well-diversified lending platform and our longstanding multifamily experience mean that we can get creative when helping our clients find the right financing terms in most markets,” said Martin Alex. “Our goal is to help our clients bring the vision for their properties to life, and we work to ensure that every phase of loan transaction is executed seamlessly.”

“Our experience with EBSC Lending was exceptional. Their deep market knowledge allowed them to quickly grasp the details of the deal, offer the best terms, and underwrite and close the loan in a timely manner,” Michael Weinberg said in prepared remarks.