Bethpage Federal Credit Union (Bethpage, NY) provided a $28 million commercial mortgage to refinance an eight-story 72,000-square-foot medical office building in Brooklyn.
New York developer David Marx of Marx Development Group received the loan.
The loan has a five-year term with a fixed-rate of 4.25 percent.
To date, this is the largest loan to be closed by Bethpage Federal Credit Union.
Do real estate developers need taxpayer subsidized loans?
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