Braddish, Gaccione and Karaivanov of CBRE Capital Markets arrange $6 million on behalf of Time Equities for mixed-use property-9-15 Dutch Street

Executive vice president Keith Braddish, vice president Jason Gaccione and analyst Rayna Karaivanov of CBRE Capital Markets in New York City recently arranged a $6 million fixed rate first-mortgage on behalf of Time Equities, Inc. to refinance the loan on 9-15 Dutch St. The non-recourse loan was arranged in-house by CBRE Multifamily Capital, Inc., a Fannie Mae DUS lender, with a 5-year term on a 30-year amortization schedule at a fixed rate of 5.57%. "Fannie Mae's highly competitive interest rate, their ability to recognize and underwrite the future income from four units currently being renovated, and flexibility with their pre-payment structure resulted in a highly attractive deal for our borrower," Braddish said. The 42,798 s/f mixed-use 6-story elevator building includes 18 residential units and two commercial units, of which four apartments are currently undergoing renovation. Built as an office building, Time Equities, Inc. converted the property to residential use after an extensive gut renovation in 1999. The loft apartments boast sleek designer kitchens with high-end features such as black slate countertops and dishwashers. The lofts feature 12-14 foot high ceilings, walk-in-closets, stackable washers/dryers, double sink marble bathrooms and designer lighting. The building's commercial spaces are occupied by Downtown Little School, which offers pre-school programs serving over 80 families of children 2 through 5 years of age, and Tactical Retail Solutions, Inc, a consulting firm providing marketing and management services to a variety of companies. Located in prime Lower Manhattan, the area surrounding the property includes newly created shopping destinations and restaurant nightlife. Excellent access to public transportation and highways within Lower Manhattan abound, as the area is serviced by 15 subway lines, 30 bus routes, multiple ferry lines and the recently re-opened PATH transit system. The location is ideal for residential tenants commuting to employment centers both in Wall Street and Midtown Manhattan. The neighborhood also features recreational facilities such as Battery Park, Castle Clinton National Monument, and Ferry service to both Governor's and Ellis Islands. Nearby landmarks include Pace University, New York City Hall, the Woolworth Building, the New York Stock Exchange, South Street Seaport, and Trinity Church. CB Richard Ellis Group, Inc., 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 2008 revenue). The company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company three years in a row and a Fortune 100 fastest growing company two years in a row.