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, New York. The financing was arranged by an Ariel Property Advisors team including Matt Swerdlow and Matt Dzbanek, both directors of 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 Steinway Street.
“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.”
