Various Locations, USA Ariel Property Advisors has arranged $25 million in loans for seven properties across Ohio, Texas, Indiana and New York. The financings include an industrial complex, two multifamily buildings, two medical facilities, a retail property and an office building.
“The transactions our team is completing across the country are indicative of how lenders are adapting to new market trends,” said Eli Weisblum, senior director, Capital Services, Ariel Property Advisors. “There is consistent activity in a number of asset sectors, including industrial and medical office properties, which will continue to be attractive moving forward.”
Paul McCormick, partner, Sales Management, Ariel Property Advisors, added: “We’re pleased to have been able to secure these financings at relatively low rates with strong terms in this volatile and fast moving market.”
The transactions include the following:
- A $6.9 million rate and term refinance loan for a 251,466 s/f, NNN industrial complex located near Cleveland, OH., lowering the rate to 4.25 percent and extending the term. The financing was secured by an Ariel team including Weisblum and McCormick.
- A $6.375 million acquisition loan for a 10,365 s/f freestanding independent emergency room located in Irving, TX. The Ariel team secured a 4.5 percent rate with a 10- year term. A unique feature of this loan was structuring an interest rate ceiling of 5.5 percent at the rate reset in year six. The property is well-located in the Dallas-Fort Worth metro area. The financing was secured by an Ariel team including Weisblum and McCormick.
- A $3.25 million rate and term refinance loan for an eight-unit, 48,457 s/f retail property in a suburb of Indianapolis, IN., lowering the rate to 4.25 percent and extending the term. The financing was secured by an Ariel team including Weisblum and McCormick.
- A $3.187 million acquisition loan for an 81,438 s/f office park in Columbus, OH. The property was 65 percent occupied at the time of closing. The Ariel team secured a 4.5 percent rate with a 10-year term. A unique feature of this loan was structuring an interest rate ceiling of 5.15 percent at the rate reset in year six.The financing was secured by an Ariel team including Weisblum and McCormick.
- A $2.8 million non-recourse cash-out refinance loan for an eight-unit multifamily property in Brooklyn, NY. The Ariel team secured a 3.5 percent fixed rate with a five-year term and an LTV of 70 percent. The financing was secured by an Ariel team including Capital Services senior directors Matthew Swerdlow and Matthew Dzbanek.
- $1.47 million in acquisition financing for a six-unit multifamily building in Brooklyn, NY. The Ariel team secured a 3.84 percent fixed rate loan on a seven-year term. The non-recourse loan includes a one-year interest-only term. The financing was secured by an Ariel team including Swerdlow and Dzbanek.
- A $1 million acquisition loan for a single-tenant urgent care facility in Euclid, OH. The team procured a 5-year, fixed rate loan at 4 percent with a 30 year amortization schedule and no prepayment penalty. The rate was locked at the execution of the term sheet via a local Ohio bank. The financing was secured by an Ariel team including Swerdlow and Dzbanek.
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