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
- 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
- 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
- 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 http://www.duqfunding.com.
About Duquesne Commercial Funding
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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SOURCE Duquesne Commercial Funding
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