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.