Braddish and Gaccione of CBRE Capital Markets secure $18.5 million acquisition loan in Greenwich Village

CBRE's Keith Braddish, executive VP, and Jason Gaccione, VP, of the Capital Markets Debt & Equity Finance group, have secured a five-year, interest only acquisition loan of $18.5 million for a 26,500 s/f retail condo located at 156-168 Bleecker St. in Greenwich Village. The borrower was a joint venture between JMC Holdings and RWN Real Estate Partners. The borrower swapped out from a floating rate to a fixed rate of 4.5%. The loan was made at a 60% loan-to-value. Braddish said, "This financing will facilitate the borrowers' plans to make a $2 million capital investment in the property, including new store fronts, signage and façade work, in order to benefit from substantially below-market leases with near term expirations. Essentially bisecting the NYU campus area, Bleecker St. is one of the major retail thoroughfares in Greenwich Village." The 26,500 s/f retail condo is located at the base of a Pre-War Art-Deco multifamily apartment building constructed in 1910. The nightclub "The Village Gate" was formerly located at the property and is now home to Le Poisson Rouge. The nightclub is located in the basement floor and features 15-foot ceiling heights. CVS is the largest ground floor tenant, occupying 7,000 s/f. There are a total of seven retail tenants occupying the property. About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.