News:
Brokerage
Posted: December 10, 2024
Ariel Property Advisors arranges
loans for six NYC properties
Brooklyn, NY The Capital Services Group for Ariel Property Advisors (Ariel) arranged construction, refinancing and acquisition loans totaling over $17 million for six properties in Brooklyn and Manhattan.
Matthew Dzbanek and Matt Swerdlow, both senior directors in Ariel Property Advisors’ Capital Services Group, arranged the loans.
“We’re seeing more lenders returning to the New York market and in the last few weeks secured financing for three residential construction projects in Brooklyn — two condo and one rental development — that in some cases attracted over 15 quotes,” Dzbanek said. “Lenders are viewing these developments positively because they reason the projects will be delivered into a strong market short on housing.”
The six loans included:
• A $4.4 million construction loan for a townhouse conversion in Carroll Gardens, Brooklyn. The loan featured a rate of SOFR + 6.5%, 24-month term with two six-month extensions, interest only, non-recourse, no prepayment penalty and 70% LTV.
• A $4.4 million construction loan for a four-unit condo building in Greenpoint, Brooklyn. The loan featured a rate of SOFR + 6.5%, 24-month term with two six-month extensions, interest only, non-recourse, no prepayment penalty and 75% LTV.
• A $3.2 million refinancing loan for a NNN retail property in Greenwich Village. Terms for the five-year bank loan included an interest rate of 6.23%, No prepayment penalty and 60% LTV.
• A $2.5 million refinancing loan for a free market, six-unit multifamily building in Greenpoint. The three-year loan featured a 6.25% interest rate and 70% LTV.
• A $1.5 million refinancing loan for a four-unit, free market multifamily building in the Prospect Lefferts Gardens section of Brooklyn. Terms for the 10-year loan included a 6.90% interest rate. No prepayment after year one and 75% LTV.
• A $1.1 million acquisition loan for a vacant three-unit, free market mixed-use property in Prospect Lefferts Gardens. The two-year, non-recourse loan featured a 12.25% interest rate and 68% LTV.
Tags:
Brokerage
MORE FROM Brokerage
Hanna Commercial Real Estate brokers Agri-Plastics 64,000 s/f manufacturing facility lease at Uniland’s 2 Steelworkers Way
Lackawanna, NY Agri-Plastics, a global leader in the manufacturing of plastic products for agricultural, industrial, recreational, environmental, and home industries, has signed a 64,000 s/f lease to open a
.jpg)
Quick Hits
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
.gif)