Duquesne Commercial Funding Closes $16 million in Commercial Loans
PHILADELPHIA, Oct. 16, 2018 /PRNewswire-iReach/ -- Duquesne Commercial Funding, a Pennsylvania-based commercial lending firm, recently closed on three key commercial property loans for a total of $16 million in financing. Led by Gerard O'Malley and Tim McGinley, the Duquesne team worked closely with the respective property owners to secure financing for each property.
"Our team at Duquesne Commercial Funding is proud to have leveraged our lending relationships to ensure our borrowers had seamless closings," said Gerard O'Malley, Managing Director. "Each of these properties represents an important segment of our regional economy--the office market, mixed-use, and warehouse--and their successful closing is an indicator of the opportunity available in each market."
The deals included office, mixed-use, and a warehouse property as follows:
Berkshire Hathaway Office Building
Located: 338 West Lancaster Avenue, Haverford, PA 19041
Secured: Non-recourse loan of $3.6 million at 4.8% for 10 years with 25-year amortization
Lender: Provident Bank
Flexibility: Closed loan in less than 30 days
Mixed-Use Building
Located: 5 S Main St, Doylestown PA 18901
Secured: $3.7 million at 4.5% for 7 years with 25-year amortization
Lender: Provident Bank
Flexibility: Low transaction cost
Dutch Prime Foods (Warehouses)
Located: 310 N Railroad Ave Rio Grande, NJ 08242
Located: 235 West Ave, Long Branch, NJ 07740
Lender: Columbia Bank
Secured: Loan amount $6.7 million plus a $2 million line of credit; 4.5% for 7 years with 25-year amortization
Flexibility: Reduced borrower equity requirement by bridging company lending to maximize proceeds. No prepayment penalty.
For more information on Duquesne Commercial Funding, visit www.duqfunding.com.
Duquesne Commercial Funding is a commercial mortgage banking firm that specializes in placing debt and equity for income-producing real estate transactions. We are headquartered in Philadelphia, offering deep regional expertise as well as national access, relationships, and capabilities. http://www.duqfunding.com/
Media Contact:VICTORIA Rossi, iMedia International, 2125379080, [email protected]
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