Real Estate Weekly
Image default
Deals & Dealmakers

Ariel Arranges $13.5MM in Financing for Three Buildings in Midtown Manhattan

Ariel Property Advisors (Ariel) has announced that its Capital Services team arranged $13.5 million in acquisition financing at 65% LTV for three adjacent free market mixed-use buildings located in the Hell’s Kitchen neighborhood of Manhattan. The value-add buildings were over 40% vacant at close.

The loan featured a five-year term with an interest rate fixed at 6.5%, which was locked at the signing of the term sheet, two years of interest only and a 30-year amortization schedule.

The transaction was arranged on behalf of the borrower by an Ariel team led by Senior Directors Matthew Dzbanek and Matt Swerdlow and Senior Associate Drew Chartash.

“Despite market uncertainty, our team closed this transaction 35 days from signing the term sheet,” said Dzbanek. “The transaction terms secured by Ariel prove the lender understood the value proposition of these three assets in what continues to be an ever-evolving market.”

The properties are steps from Times Square, Bryant Park, and Hudson Yards, offering plenty of entertainment, retail, and dining options in one of Manhattan’s busiest neighborhoods. They are also close to Penn Station and the Lincoln Tunnel, providing quick and easy access to the rest of the city and the Tri-State area.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million

REW

Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building

REW

Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando

REW