The Renaissance, 130 Lenox Avenue, Harlem - Manhattan, NY

Manhattan, NY Berkadia has arranged the financing of the retail condominium at The Renaissance, a retail and garage property located in New York City’s Harlem neighborhood at 130 Lenox Ave. Berkadia senior managing director Stewart Campbell of the New York office secured the $31.5 million loan for the borrower through conduit lender Jefferies LoanCore, LLC (JLC).

Stewart Campbell, Berkadia

The 10-year refinancing loan features a 4.13% fixed interest rate and is interest-only throughout the term.

“The New York production team covered a very broad spectrum of active lenders to provide the best financing options for this repeat customer,” Campbell said. “JLC delivered  the promised terms in a timely manner, insuring the property remains a leading asset in the submarket.”  

The New York City financing market for quality retail properties remains robust with participants including local and regional banks, insurance companies, CMBS lenders and debt funds quoting a very broad range of executions. Despite this spectrum, borrowers are subject to increased volatility through the quoting and closing process as a result of new and pending banking regulations, heightened regulatory credit oversight and some participants filling annual quotas earlier this year. 

“In general, the financing of retail properties today comes under a higher level of scrutiny due to the continued onslaught of Internet retail into the space,” Campbell said. “Now more than ever, retail properties must be very well-located with a tenant mix that provides goods and services to the surrounding community that cannot be easily replaced.”