Ariel Property Advisors closes $10.5 million cash out refinance

Brooklyn, NY Ariel Property Advisors has arranged a $10.5 million cash out refinance for a 41,500 s/f, 116-unit industrial property in the Greenpoint neighborhood. The five-year, non-recourse loan featured a fixed rate of 5.15% with one year of interest-only payments.

The financing was secured by an Ariel team including Matthew Dzbanek and Matt Swerdlow, both senior directors of capital services, on behalf of an entity that has owned the property for more than 100 years.

“The client wanted to refinance and pullout additional capital in order to reinvest in the property,” Dzbanek said. “When his original bank wouldn’t make the loan, we identified several other lenders that were willing to finance the deal and ultimately secured a loan with all of the proceeds released at close.”

The industrial asset is located in Greenpoint, near the Brooklyn-Queens Expwy., which provides easy access to nearby retail and economic centers, including Midtown Manhattan.