Category: Finance

Brooklyn, NY Ariel Property Advisors’ Capital Services Division has arranged a $6.5 million loan for four properties located in Bedford-Stuyvesant. The division arranged a five-year, 75% loan-to-value (LTV) cash-out refinance loan at a fixed rate of 4%. This allowed the borrower to pay off four existing loans and get additional capital for future investments. Led by Ariel’s Paul McCormick, senior vice president of investment sales and capital services, and Matt Dzbanek, director of capital services, the non-recourse mortgage’s favorable terms were negotiated to meet the needs of the client and their fund.

Manhattan, NY Sumaida + Khurana and LENY have closed on a $155 million construction loan for the development of 611 West 56th St., the highly anticipated residential development designed by Pritzker Prize-winning Portuguese architect Álvaro Siza. 611 West 56th St. signifies Siza’s first building in the United States and is being co-developed by Sumaida + Khurana and LENY.

New York, NY Arbor Realty Trust, Inc. has appointed Bill O’Brien as senior vice president, agency production.

New York, NY GCP Capital Group LLC has arranged mortgage financing totaling $52.976 million for the following six deals:

Brooklyn, NY According to Largo and Mission Capital Advisors, Mission Capital’s Debt and Equity Finance Group has structured a joint venture between Largo and First Atlantic Real Estate for the $25 million acquisition of 215 North 10th St., an 18,000 s/f corner development site in the North Williamsburg section.

New York, NY National Cooperative Bank (NCB) has originated $84 million in new loans during April for 17 N.Y. area housing co-ops, according to Edward Howe III, managing director.