Thanks to funding from Bethex Federal Credit Union, a member was recently able to purchase the building that houses his retail stores in the South Bronx.
The $30 million credit union said the $1.2 million loan was the largest loan it closed on in its 42-year history.
Abdul Nashir received the loan on Tuesday to purchase the property in the Soundview section of the New York City borough.
“This closing is a milestone in our commitment to community revitalization” said Joy Cousminer, CEO of Bethex.
The credit union said it underwrote 50% of the loan with the Bronx Initiative Corporation providing 40% of the financing and the borrower contributed 10%. Lawyers Alliance for New York and Linklaters LLC acted as counsel to the credit union on a pro bono basis.
Nashir said he was excited about being the new owner of the building in which he had been leasing space.
“I have more security now and nobody can tell me that my lease is up or that it won't be renewed,” Nashir said.
Nashir's enterprises – New Orleans 99 Cent Store and Soundview Laundromat – are the cornerstones of the location, according to Bethex.
The credit union said it has been granting SBA guaranteed loans since 1999 and was named among the top SBA lenders in New York for the 2011 fiscal year by Crain's New York Business. During this period, Bethex granted 18 SBA loans with a value of $2.5 million.
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