Queens, NYC – refinance of Corona Building
About This Project
Ralph Trionfo: Broker
Ralph Trionfo arranged a $690,000 first mortgage on behalf of the owners of a 15 unit apartment building. The loan was placed at a 4.75% fixed rate for a seven-year term with a 15-year amortization schedule. The three-story brick structure was built in 1975 has 10 apartments and five offices.
15 unit building Corona Queens
The owner has since initiated a renovation plan that includes converting the offices into five residences. All 15 units are free-market one-bedroom rental apartments, 12 have balconies. The building is just two blocks from Roosevelt Avenue, with express subway lines into mid-town Manhattan. Ralph sold the building for the previous owner, assisted the new owners with the renovation and placed the active loan.