The proceeds of this $8MM, 75% loan-to-value mortgage was used by the borrower, 1733 Sheepshead Bay, LLC, for the repayment of existing debt and equity for the development of several new projects in Brooklyn.

The non-recourse, mortgage had a 10 year fixed term and a 30 year amortization schedule. The project sponsors look forward to continuing their notable track record of developing Class A multifamily and office properties in Brooklyn.

The project, a Class A, 30,000 s.f. office complex, is located along Sheepshead Bay road in the Sheepshead Bay ..

View more at http://www.1888pressrelease.com/terrace-capital-inc-announces-8mm-non-recourse-commercia-pr-473707.html