News:
Brokerage
Posted: September 17, 2019
ABS Altman Warwick negotiates $8.5 million loan for Wharton Properties
New Rochelle, NY According to ABS Altman Warwick, a capital market advisory firm and division of ABS Partners Real Estate, they have the closed an $8.5 million loan on behalf of Wharton Properties for its single tenant retail building at 810 Main St.
ABS Altman Warwick’s Morris Dweck originated the loan and placed it with a balance sheet lender.
“We were able to negotiate an extremely favorable rate and loan terms for our client despite the difficulties facing retail property in today’s capital markets,” said Dweck. “ABS Altman Warwick secured the five-year, full-term interest-only loan at a favorable rate of 2.88%.”
The 7,239 s/f building is situated on several contiguous lots totaling 50,000 s/f with on-site parking. The site is close to exit 15 off of I-95.
Wharton executed the acquisition of the subject, formerly a free-standing Walgreens drug store, and subsequently secured a new long-term lease with Bank of America to occupy the entire building.
“The fixed-rate loan shows there is still confidence in the retail sector especially for well-located assets with great sponsorship,” said Dweck.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
 (2).gif)
Columns and Thought Leadership
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
.gif)
September Promotion
