Arrow Real Estate Advisors has arranged an $8.05 million non-recourse acquisition loan on behalf of Targo Capital Partners for the purchase and renovation of 111 Reade St., a mixed-use property located in Tribeca, Manhattan. Arrow Real Estate Advisors’ Morris Betesh, founder and managing partner; Brandon Serota, sirector, and Morris Dabbah, senior vice president, completed the financing.
The financing, provided by Emerald Creek Capital, supported Targo’s $9.7 million acquisition of the asset and was structured as a 70% loan-to-cost, short-term bridge loan with pricing terms that rival traditional bank financing. The transaction reflects the ongoing strength of the boutique rental markets in downtown Manhattan, and the confidence capital providers have in experienced sponsors with proven local execution, Arrow said.
The property features four full-floor loft-style rental units above ground-floor retail, combining classic Tribeca charm with significant value-add potential. Targo plans to renovate all four residential units, replicating a business plan they recently and successfully executed on a similar property in the immediate area.
“This financing marks another successful execution for Arrow Real Estate Advisors and demonstrates our continued ability to secure favorable capital solutions by creating competitive lending environment,” Betesh said.
