Manhattan, NY Arrow Real Estate Advisors arranged $42.9 million in financing to refinance a multifamily property.
The financing was provided by a balance sheet lender and was negotiated by managing partner, Morris Betesh, and senior vice president, Alex Bailkin, of Arrow Real Estate Advisors.
Located in the Upper East Side neighborhood, the 155-unit multifamily property features a 24-hour doorman, package room, valet dry cleaning services, an onsite laundry facility, private storage, and reserved parking. Residents benefit from access to transportation including several local bus lines, the N, Q, and R subway lines at the 86th St. station, and proximity to FDR Dr.
“We were able to leverage the sponsor’s impeccable reputation as a multifamily operator and manager to negotiate a favorable loan modification that resulted in significant interest rate savings over the life of the loan,” said Betesh.
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