Kapahi and Swartz of HKS Capital Partners secure $5 million refinance of 32 East 10th Street; Closed with New York Community Bank

HKS Capital Partners has secured the refinancing of 32 East 10th St., the five-story building that is home to the famed Greenwich Village restaurant Il Cantinori. "The refinancing of the mixed-use building shows once again lenders continued appetite for this kind of property," said HKS co-founder Ayush Kapahi who along with Jerry Swartz, represented the borrower. Kapahi said that the lender dropped the prepayment penalty by 1% in order to close on the refinancing. In 2008, New York Community Bank provided a $2.2 million loan on the building, which was due to mature in two years. Last week, the lender closed the refinancing for $5 million. The loan has a seven-year term and a 3.5% interest rate. According to Swartz, the proceeds of the loan will be used for further investment in real estate in the city. The recently renovated 32 East 10th St. has four new rental units. HKS Capital is an advisory firm specializing in debt and equity finance that has secured over $2.75 billion in transactions since the company was founded in April 2011, by industry veteran Swartz, Kapahi and John Harrington.