The conversations around commercial real estate investing tend to center around the potential advantages and gains afforded to CRE investors.
Such benefits are numerous; however, it’s equally important to reflect on the impact commercial lending has on others. The exciting reality is that there’s a clear trickle-down effect to tenants of the property and even the broader surrounding community.
With this in mind, we’d like to highlight an inspiring lending project we had the privilege to service. It’s an excellent example of just how widespread the benefits of commercial real estate lending can be.
The Lending Project: Brooklyn, NY
Extensia recently funded a $12 million loan on a commercial property at 1725 St. Marks Ave. in Brooklyn, New York, where a nonprofit, the Black Veterans for Social Justice, is a tenant. From within this property, the organization performs its mission to serve veterans, their families and members of their community. It’s so much more than a simple office space. It’s a home base for the work they do and the people they help.
The Tenant: Black Veterans for Social Justice
For four decades, this nonprofit has impacted countless lives through community-based support in Brooklyn. And, thankfully, their important work is only expanding in scope as the years progress. That work includes:
- Veterans support: counseling, legal assistance and housing support for veterans.
- Youth programs: after-school and summer programs that provide young people with a safe and supportive environment where they can learn and grow.
- Community development: providing affordable housing and community-based services to improve the quality of life for residents of low-income and underserved neighborhoods in Brooklyn.
- Advocacy: advocating for policies and programs that support veterans, low-income communities and people of color with needs such as affordable housing, healthcare access and education equity.
Founded in 1979, the Black Veterans for Social Justice was created to address the challenges facing African American veterans returning home from the Vietnam War.
Since then, the nonprofit has expanded its mission to include addressing the needs of veterans from all eras, as well as providing a range of social and community services to low-income and marginalized communities in Brooklyn.
The Ripple Effect of Competitive & Customized Lending
As you can see with just one example, there are far-reaching benefits of competitive, customized CRE lending. That ripple effect spans well beyond the commercial real estate investor and their portfolio.
Without the right lending solution, a plethora of other, less favorable outcomes could come to fruition. In this case, the worst being that the Black Veterans for Social Justice would need to close or find a new place to reside.
Black Veterans for Social Justice can now continue their 45-year mission from the same spot they call home.
About Extensia Financial
Established in 1998 and headquartered in Simi Valley, CA, Extensia Financial is one of the most seasoned credit union service organizations (CUSO) focused on commercial real estate lending. For decades, we have partnered with credit unions across the country to offer competitive and collaborative CRE loans. We also uniquely support and guide our partners through the entire lifecycle of our loans. Extensia Financial is a proud member of the AVANA Family of Companies.
Contact us today to learn more about becoming an Extensia Financial partner.