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-19, 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 Ave. 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: rate and term refinancing totaling $2.88 million for two, three-unit mixed-use buildings located in the Crown Heights and Prospect Park South neighborhoods of Brooklyn; a $2.85 million acquisition loan for a 21-unit mixed-use building in the Ditmas Park neighborhood of Brooklyn; a $2.75 million cash-out refinance loan for a 19-unit mixed-use building located in the Greenwich Village neighborhood of Manhattan; a $2.5 million cash-out refinance loan for a five-unit mixed-use building located in the Prospect Heights neighborhood of Brooklyn; a $2.2 million refinance loan for a two-story, three-unit mixed-use building located in the Bedford-Stuyvesant neighborhood of Brooklyn and a$1.75 million refinance loan for a 14-unit, 11,540-square-foot mixed-use building in East Harlem.
