BROOKLYN, NEW YORK - Source Realty Capital, a New York-based private real estate lender and commercial loan broker, has originated a $3,125,000 long-term rental loan to refinance a recently renovated three-family property in Clinton Hill area of Brooklyn. Source Realty Capital, through its network of brokers, real estate agents and experienced borrowers, originates real estate loans for experienced real estate investors. These loans consist of both short-term bridge loans for investors looking to purchase and renovate properties, as well as long-term financing options for investment rental properties.
The 30-year, fixed rate bridge loan was used to refinance the borrower’s bridge loan on the Clinton Hill property, as well as provide the borrower with a significant cash-out that they intend to use for a down payment on their next investment property. The property was purchased in February 2022 for $1,999,999. Following the purchase, the borrower completed a roughly $1,000,000 renovation. The inside of the three-family property was completely gut renovated, with all three units updated with new windows, doors, bathrooms and gourmet kitchens. The owner also significantly improved the outdoor areas of the property, adding a full roof top terrace with a pergola. Private outdoor spaces were added to all the units. Additionally, the owner restored the exterior of the property giving homage to its historical details. These renovations increased the value of this property by almost 200%. Source Realty Capital also originated the borrower’s bridge loan for the purchase and renovation of this property.
“This was another great project completed by this borrower! His renovations are always topnotch. He does an amazing job adding outdoor space, which is not always easy in Brooklyn.” John Femenia, founder and principal of Source Realty Capital. “This property was complete mess when he bought it last year. It was just a shell of building. But our borrower had a vision for this building and executed his plan flawlessly. It’s no surprise that our borrower was able to get the very top end of the market for rents in Clinton Hill” further commented John Femenia.
ABOUT SOURCE REALTY CAPITAL
Source Realty Capital was founded by John Femenia in 2019 to capitalize on the need for private capital in the real estate industry. Source Realty Capital focuses exclusively on 1-4 family and small balance multi-family properties, carving out a niche for itself and effectively delivering capital to experienced real estate investors. Source Realty Capital has originated over $200 million of private money real estate loans.
Source Realty Capital’s founder, John Femenia, has over 15 years of finance experience. Prior to forming Source Realty Capital, John was focused on raising capital for the shipping and maritime industries, where he raised over $2 billion of equity and debt capital. At Source Realty Capital, John is focused on using his finance experience to assist real estate investors in raising capital for their deals. John has an undergraduate degree in engineering from the United States Merchant Marine Academy, and MBA in finance Columbia Business School.
Media Contact
Company Name: Source Realty Capital
Contact Person: John Femenia
Email: Send Email
City: Greenvale
State: NY
Country: United States
Website: www.sourcerealtycapital.com
