20 Danbury Road, New Milford, CT
January 2018- Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors (“Q10NY”), is pleased to announce the closing of $1,000,000 loan on a gas station in New Milford, CT. The property is improved with 10 pumps plus a free-standing “mini-mart”. The Borrower had operated the business since 2012 and had the opportunity to purchase the property from the owner, a major owner/operator of gas stations located nationwide. The property is well located on a major State road in New Milford.
The loan was placed with a CT bank. The borrower was given a menu of loan terms from which to choose and opted for a 7-year fixed rate term. The interest rate was fixed at 5.25% for the term of the loan. The closing was delayed on numerous occasions but the lender was very accommodating and understanding and worked with the borrower to complete the transaction.