Manhattan, NY Michael Alvandi’s City Urban Realty and Stellar Management have completed a refinance of 243 Canal St.
Signature Bank provided a $21 million loan which included a $2.5 million gap mortgage. GCP Capital Group’s Alan Perlmutter negotiated the financing.
“We’re pleased with the outcome. Signature Bank was a good fit due to their familiarity with the partners and their reputation for execution,” said Alvandi, managing principal of City Urban Realty.
The partnership acquired the pre-war building for $25 million in 2016. The six-story property was then repositioned following a two-year renovation and restoration which included a new lobby, storefront and floors. The robust leasing activity played into the refinance’s timing.
Positioned between SoHo and Chinatown, at the foot of the Canal St. 6 train stop and a block from the N, R, Q and W subway station, the property will continue to thrive as users will migrate south seeking better value alternatives to SoHo’s high rents.