Ariel Property Advisors arranges $8 million cash-out refinance for 11-unit mixed-use

Manhattan, NY Ariel Property Advisors (Ariel) has arranged an $8 million cash-out refinance loan for an 11-unit, 9,895 s/f mixed-use building situated on a ground lease in the East Village.

An Ariel capital services team led by senior directors Matt Swerdlow and Matthew Dzbanek represented the borrower.

Ariel arranged non-recourse bank financing at 65% loan-to-value, delivering fixed rate, competitively priced debt. The loan carries a 5.875% interest rate with one year of interest-only payments, followed by a 30-year amortization schedule and features a 5+5 year term and a 3-2-1-1-0 prepayment structure.

“The transaction highlights the continued appetite among select banks for well-located mixed-use assets in New York City even if they’re on a ground lease,” Swerdlow said. “By identifying the right lender, we were able to source several quotes and an extensive matrix that not only met the client’s objectives but also showed them the whole landscape of options coming off a couple years of shake ups in the financial industry.”