News:
Brokerage
Posted: September 17, 2019
ABS Altman Warwick negotiates $8.5 million loan for Wharton Properties
New Rochelle, NY According to ABS Altman Warwick, a capital market advisory firm and division of ABS Partners Real Estate, they have the closed an $8.5 million loan on behalf of Wharton Properties for its single tenant retail building at 810 Main St.
ABS Altman Warwick’s Morris Dweck originated the loan and placed it with a balance sheet lender.
“We were able to negotiate an extremely favorable rate and loan terms for our client despite the difficulties facing retail property in today’s capital markets,” said Dweck. “ABS Altman Warwick secured the five-year, full-term interest-only loan at a favorable rate of 2.88%.”
The 7,239 s/f building is situated on several contiguous lots totaling 50,000 s/f with on-site parking. The site is close to exit 15 off of I-95.
Wharton executed the acquisition of the subject, formerly a free-standing Walgreens drug store, and subsequently secured a new long-term lease with Bank of America to occupy the entire building.
“The fixed-rate loan shows there is still confidence in the retail sector especially for well-located assets with great sponsorship,” said Dweck.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
