Manchester, CT – Industrial Park with Five Commercial Buildings

Summary

• About this property: The borrower purchased an industrial park consisting of of a 32,060 sq. ft. warehouse and office building, a 22,080 sq. ft. warehouse, an 11,200 sq. ft. warehouse, a 2,400 sq. ft. warehouse and a 9,588 sq. ft. warehouse that includes a service garage located at 46 Apel Place, Manchester, CT for approximately $350,000.00. The borrower will the renovate the property for $165,000.00. The appraised ‘as is’ market value of the property is $2,250,000.00. The appraised market value of the property after renovations are complete is $2,425,000.00. York Funding will lend him $750,000.00 of which $443,689.95 will be disbursed for the refinance of the property, $141,310.05 will be disbursed for property taxes and $165,000.00 will be disbursed for renovations. The borrower will complete the renovations and sell or refinance the property to repay the loan.