On behalf of Jeff Sutton and Wharton Properties, Abe Mann of Progress Capital secured $23,000,000 to refinance 324 West 125th Street.
Located on a prime corner in the Harlem neighborhood of Manhattan, the property is a newly constructed retail development anchored by CVS and Zwanger Pesiri Radiology.
Mann negotiated and secured the permanent mortgage with Wells Fargo.
The non-recourse loan is accompanied by an “extremely low” interest rate, full-term IO and no prepayment penalty.
“It’s an honor and a privilege to represent Jeff Sutton and his partners in securing financing on such a beautiful retail property,” said Mann.
“We enjoyed working with Wharton Properties throughout the closing process and we look forward to working together again in the near future,”
The proceeds of the loan will be used to retire the existing debt and provide significant cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s real estate investment portfolio.