With real estate and lending activity picking up quickly in the pandemic recovery, Ariel Property Advisors’ Capital Services Division has closed $48.8 million in financing for a diversified range of properties and portfolios, from residential to industrial. The transactions were led by an Ariel team including Paul McCormick, senior vice president of investment sales and capital services and Directors of Capital Services Matt Dzbanek, Ahron Sussman, Matt Swerdlow and Eli Weisblum.
“Creative financing solutions are key to delivering advantageous loans and terms for borrowers,” Dzbanek said. “There is a great deal of optimism right now and lenders recognize the need for tailored financing solutions for each deal as owners and investors adjust their property and development strategies for new consumer, resident and end-user needs.”
Weisblum arranged a $12.4 million refinance loan for a 36-unit apartment building in The Bronx following the recent construction of the building. The building was 70% master leased to a non-profit organization. Dzbanek led a $6.9 million cash out refinance loan for a 23,045-square-foot, 20-unit portfolio across Brooklyn and Queens. The portfolio contained a mix of multifamily and mixed-use assets with one retail vacancy accounting for 15% of the overall projected income. Swerdlow, meanwhile, arranged a $4.7 million coop refinance, securing a senior note as well as a line of credit for the property in the Morningside Heights neighborhood of Manhattan. Sussman led the closing of a $4 million construction loan for Class-A industrial/warehouse development in Hebron, Kentucky. Strategically positioned outside Cincinnati, the newly built property delivers on the growing distribution and logistics needs of the metro area.
“With low interest rates prevailing for the foreseeable future as the market rebounds quickly, now is an ideal time to strategize financing, whether it’s a ground-up build, a repositioning or a recapitalization of assets,” said Swerdlow. “From residential to industrial, the lender appetite is there for the right deals.”
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