Ariel Property Advisors arranged $15 million in loans for eight properties in four Brooklyn neighborhoods in the third quarter. The latest closings bring the number of financing and sales transactions the firm has arranged in Brooklyn to 35 in the first three quarters of the year.
The latest transactions were executed by Ariel’s Senior Directors of Capital Services Matthew Dzbanek and Matt Swerdlow.
“These deals reflect the sustained lender interest in mixed-use and multifamily buildings in Brooklyn,” Dzbanek said. “Although rates have increased since the first of the year, we are continuing to see a tremendous amount of demand for these assets.”
Dzbanek and Swerdlow negotiated the following: a $2.8 million cash-out refinance loan for two adjacent mixed-use buildings and a $1.2 million acquisition loan for a four-story walk-up building with eight residential units in Prospect Lefferts Gardens; a $2.9 million non-recourse refinance with $1 million of cash out proceeds for a 12-unit multifamily asset, a $1.5 million cash-out refinance transaction for a three-unit mixed-use building and $1.25 million acquisition/renovation loan for a three-unit mixed-use building with vacant retail in Bushwick; a $1,928,500 acquisition/renovation loan for a five-unit, mixed-use building that was 100% vacant at closing in Greenpoint; and a $1.7 million acquisition loan for a four-unit multifamily building and a $1.66 million cash-out refinance loan for a four-unit mixed-use building in Bedford Stuyvesant.
