ABS Altman Warwick, a division of ABS Partners Real Estate, has announced the closing of a $13 million loan for a 68-unit, 65,600 s/f apartment building at 232 East 12th Street. The East Village building has 68 apartments, including 20 that are rent-stabilized.
The new non-recourse balance sheet loan featured full-term interest-only for 10 years. Morris Dweck of ABS Altman Warwick placed the loan with a major life insurance company on behalf of owner Capri Apartments LLC.
“This new loan shows that, although there is a much more cautious lending environment towards rent stabilized multifamily properties, lenders are comfortable lending on lower or moderately leveraged properties in prime locations,” Dweck said.
Located on East 12th Street between Second and Third Avenues in New York City, the 10-story property enjoys a very high historical occupancy rate. In addition to the multifamily component, the property also houses two medical offices on the ground floor.