Ariel Properties Advisors arranges over $24m in loans for 8 properties

New York, NY Ariel Property Advisors has arranged over $24 million in loans for eight mixed-use properties in Brooklyn and Manhattan. An Ariel team including capital services senior directors Matthew Dzbanek and Matthew Swerdlow closed the transactions over a three week period.

The team arranged a 35-day closing for a $9.2 million five-year fixed rate, non-recourse loan featuring two years of interest-only payments for the acquisition of a mixed-use property at 321 Lenox Ave. in Central Harlem. The 33-unit building comprises 32 free-market residential units, one commercial space and three antenna leases.

Additional closed transactions include:

• Rate and term refinancing totaling $2.88 million for two, three-unit mixed-use buildings located in the Crown Heights and Prospect Park South neighborhoods of Brooklyn. The Ariel team secured a 4% fixed-rate, five-year loan with a 65% LTV.
• A $2.85 million acquisition loan for a 21-unit mixed-use building in the Ditmas Park neighborhood of Brooklyn. The Ariel team secured a 3.4% fixed rate non-recourse loan on a seven-year term with a 65% LTV. The property, which was part of a 1031 exchange, qualified for an affordable housing rate discount.
• A $2.75 million cash-out refinance loan for a 19-unit mixed-use building located in the Greenwich Village neighborhood of Manhattan. The Ariel team secured the non-recourse loan with a 3.45% rate, which was locked in at the term sheet, on a 10-year fixed term.
• A $2.5 million cash-out refinance loan for a five-unit mixed-use building located in the Prospect Heights neighborhood of Brooklyn. The Ariel team secured a 3.5% fixed-rate non-recourse loan on a five-year term with a 70% LTV.
• A $2.2 million refinance loan for a two-story, three-unit mixed-use building located in the Bedford-Stuyvesant neighborhood of Brooklyn. The 2,160 s/f property includes free-market units.
• $1.75 million refinance loan for a 14-unit, 11,540 s/f mixed-use building in East Harlem. The Ariel team secured a 3.50% fixed rate non-recourse loan on a five-year term.

“These loans are indicative of the sustained activity and lender interest in mixed-use assets located in prime neighborhoods in Brooklyn and Manhattan,” Dzbanek said. “As the market has returned to normal post-COVID, viable retail properties with tenants in place have become extremely attractive.”

Swerdlow said, “We’re also seeing the return of exciting new retail concepts, some of which are backed by private equity.”

Every deal is unique, but we’re pleased that we’ve been able to highlight the advantages of commercial tenancy through our process and relationships with lenders.”