Ariel Property Advisors’ capital services group arranges three retail/mixed-use property loans totaling over $17 million

Brooklyn, NY The Ariel Property Advisors’ capital services group has arranged financing for three retail and mixed-use properties totaling more than $17 million.

An Ariel team led by senior directors Matthew Dzbanek and Matt Swerdlow negotiated the three loans on behalf of the borrowers.

The deals included:
• Bedford Stuyvesant. A $6.5 million loan to purchase a 12,500 s/f retail property in the Bedford Stuyvesant section of the city. An owner and operator of Foodtown markets purchased the vacant Rite Aid site with a five-year bank loan featuring a 6.25% interest rate and 70% LTV.

• Park Slope. A $6.17 million refinance loan for two mixed-use buildings totaling 17,000 s/f and featuring ground floor retail and 26 rent-stabilized multifamily units. An agency lender provided the five-year loan at 5.81% and 80% LTV.

• Brooklyn Heights. A $4.5 million refinance loan for a 10,000 s/f retail and free-market multifamily building with 15 units. The five-year bank loan featured an interest rate at 6.2% and 50% LTV.

“Even amid national economic uncertainty, the Brooklyn retail market has continued to rebound, and these deals are the latest showcase of the rising investor confidence in the sector,” said Dzbanek. “Retail rents have continued to stabilize, new developments have been announced, and fundamentals remain strong throughout the borough. Ariel remains bullish on Brooklyn retail, and we’re pleased to have arranged these financing transactions.”