Representatives of Modern Banking Group (MBG), led by Steven Caligor, Joe Petrelli, and Alex Jeffrey, announced the financing for the $6.5 million acquisition of the majority shares of a 68-unit multi-family property, located in Bay Ridge, NY. The buyer, a seasoned and well-established Queens, NY-based developer, purchased the property with plans to renovate and lease up vacant units. This value-added bridge loan was custom-tailored to meet the borrower’s unique needs, enabling them to pivot and enhance the property.

“We are excited to create value for this sponsor group and bring them to MBG. The borrower is a prior relationship, and we appreciate the trust and ability to illustrate the innovation and sophistication of MBG’s lending platform and team”, says Steven Caligor, Chief Lending Officer. Joe Petrelli, Head of CRE, continues, “This project presented a high level of complexity, requiring robust underwriting expertise and a nuanced understanding of the local market and bridge financing. It was a pleasure to partner with this valued client and support a high-quality developer with tailored financing solutions.”