Sorotzkin of GFI Mortgage Bankers finances 133 Water St. condos

According to GFI Mortgage Bankers, Ari Sorotzkin, senior branch manager at GFI, financed 133 Water St. condominiums in order to preserve a 421 (a) tax abatement that was in jeopardy for the sponsor. The sponsor selected GFI Mortgage Bankers and Ari Sorotzkin as the preferred lender for the building, a 52-unit condominium in the DUMBO neighborhood. "We knew we had a very unique predicament and were very concerned," said Alan Singer, attorney for the sponsor. "In today's market, condo financing is challenging enough but with a strict time constraint looming over us, the pressure was even greater. With the assistance of Ari Sorotzkin and GFI Mortgage Bankers the loans were funded and closed virtually simultaneously, just in time to reinstate tax abatement, which had lapsed when the building was rented and no sales had taken place. This could not have been accomplished without the right non-conventional lender willing to go the extra mile to complete non-Fannie Mae loans. For that we are grateful for working with GFI Mortgage Bankers." GFI Mortgage Bankers is a Manhattan-based, direct lender with 30 years of experience in residential financing. "Conventional financing was out of the question in this situation due in part to Fannie Mae minimum pre-sale requirements," said Sorotzkin. "No traditional bank would provide financing in this building. However, due to GFI's extensive investor and lender relationships, we were able to make financing available at 133 Water, coordinate all the parties involved, and close the loans quickly and seamlessly. We welcomed this challenge. There's a great need in the market for the kind of solutions GFI can provide and we always welcome the opportunity to demonstrate this. 133 is a great property and we are delighted that we were able to assist the initial buyers in realizing their dream of ownership in this building," he said.