Arial property advisors arranges $1.6M on Queens mixed-use property
Ariel Property Advisors’ Capital Services Division has arranged a $1.575 million loan on a 4,750 square-foot mixed-use property located at 31-49 Steinway Street in the Astoria neighborhood of Queens. The financing was arranged by an Ariel Property Advisors team including Matt Swerdlow, Director, Capital services, and Matt Dzbanek, Director, Capital Services.
The team secured a five-year fixed rate loan with 30-year amortization and one year of interest only payments for the three-story building which comprises two month-to-month residential tenants, a dentist office, and a vacant retail unit on the ground floor. The retail unit includes 26 feet of frontage on the busy corridor of Steinway Street between 31st Avenue and Broadway.
“The property’s excellent visibility and location in a dense area of Queens allowed us to procure flexible permanent financing for a partially cash flowing asset,” said Swerdlow. “Lender appetite for this is high right now, particularly for properties in areas with low vacancies and strong retail fundamentals.”
About Ariel Property Advisors
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 New York 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. arielpa.nyc
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