Ariel Property Advisors Arranges $6.5 Million Fixed-Rate Loan For Mixed-Use/Multi-Family Buildings In Bedford-Stuyvesant
Ariel Property Advisors’ Capital Services Division recently arranged a $6.5 million loan for four properties located in Bedford-Stuyvesant, one of the most eclectic and architecturally-rich neighborhoods in Brooklyn.
The Division arranged a 5-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.
“In an environment where lenders are pulling back from lending on smaller loans, we were able to work with our relationships to not only get the most aggressive proceeds, but also the best structure for the client,” Dzbanek said.
The Bed-Stuy building quartet includes 22 residential and 6 commercial units. Approximately 30% of the owner’s gross income comes from commercial leases and only 2 of the properties have more than 5 residential units.
More Information is available from the Capital Services Division at 212-544-9500: Paul McCormick, ext. 45, [email protected] Matthew Dzbanek, ext. 48, [email protected]; and Matthew Swerdlow, ext. 56, [email protected]
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
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