NEW YORK, NY – Ariel Property Advisors has arranged over $24 million in loans for eight mixed-use properties in Brooklyn and Manhattan. An Ariel team including Capital Services Senior Directors Matthew Dzbanek and Matthew Swerdlow closed the transactions over a three week period and are currently negotiating terms for an additional $40 million in financing.
“These loans are indicative of the sustained activity and lender interest in mixed-use assets located in prime neighborhoods in Brooklyn and Manhattan,” Dzbanek said. “As the market has returned to normal post-COVID, viable retail properties with tenants in place have become extremely attractive.”
Swerdlow added, “We’re also seeing the return of exciting new retail concepts, some of which are backed by private equity. Every deal is unique, but we’re pleased that we’ve been able to highlight the advantages of commercial tenancy through our process and relationships with lenders.”
The team recently arranged a 35-day closing for a $9.2 million five-year fixed rate, non-recourse loan featuring two years of interest only payments for the acquisition of a mixed-use property at 321 Lenox Avenue in Central Harlem. The 33-unit building comprises 32 free-market residential units, one commercial space occupied by local eatery Corner Social and three antenna leases.
Additional closed transactions in Brooklyn and Manhattan include the following:
- Rate and term refinancing totaling $2.88 million for two, 3-unit mixed-use buildings located in the Crown Heights and Prospect Park South neighborhoods of Brooklyn. The Ariel team secured a 4 percent fixed-rate, five-year loan with a 65 percent LTV. The properties are located near Prospect Park, the Prospect Park Zoo, the Brooklyn Museum and Brooklyn Botanical Garden.
- A $2.85 million acquisition loan for a 21-unit mixed-use building in the Ditmas Park neighborhood of Brooklyn. The Ariel team secured a 3.4 percent fixed rate non-recourse loan on a seven-year term with a 65 percent LTV. The property, which was part of a 1031 exchange, qualified for an affordable housing rate discount. The building is in proximity to Brooklyn College and Prospect Park.
- A $2.75 million cash-out refinance loan for a 19-unit mixed-use building located in the Greenwich Village neighborhood of Manhattan. The Ariel team secured the non-recourse loan with a 3.45 percent rate, which was locked in at the term sheet, on a 10-year fixed term. The property is in a highly competitive submarket of Manhattan and is within walking distance of Washington Square Park, New York University and Hudson River Park, as well as numerous premier restaurant and retail options.
- A $2.5 million cash-out refinance loan for a five-unit mixed-use building located in the Prospect Heights neighborhood of Brooklyn. The Ariel team secured a 3.5 percent fixed-rate non-recourse loan on a five-year term with a 70 percent LTV. The property is near Grand Army Plaza, Prospect Park and multiple public transportation options.
- A $2.2 million refinance loan for a two-story, three-unit mixed-use building located in the Bedford-Stuyvesant neighborhood of Brooklyn. The 2,160-square-foot property includes free market units and is in proximity to local green spaces and public transportation, as well as high-quality restaurant and retail options.
- $1.75 million refinance loan for a 14-unit, 11,540 SF mixed-use building in East Harlem. The Ariel team secured a 3.50 percent fixed rate non-recourse loan on a five-year term. The property is ideally located several blocks from Central Park.
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 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. arielpa.nyc
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