Queens, NY Cushman & Wakefield has secured two loans that combine for $21.8 million. The loans closed at a fixed rate of 3.25% for a five-year term and will be used to recapture equity on two multifamily properties. The lender was Dim se Savings Bank.
“We closed these loans in 45 days and were able to raise liquidity for our client who had a time-sensitive acquisition to fund. Luckily, we were able to execute an LOI with a lender that locked the rate at term-sheet execution so our client did not have to incur the cost of rising interest rates,” said Cushman & Wakefield’s Morris Betesh who exclusively handled the transaction with Justin Boruchov, Daniel Belecen and Omar Ferreira.
The multifamily properties are located at 108-20 62nd Dr. in Forest Hills and 136-42 Maple Ave. in Flushing, Queens, totaling 135 residential units across 130,000 s/f.