Paradigm Commercial Real Estate announced the closing of a $175 million refinance package, secured by 11 multi-family / retail buildings located in Manhattan, and one in Brooklyn.
The package, for which three regional banks were used, facilitated an enormous cash-out for the borrower, while securing long term, interest-only debt, with favorable rates, and declining prepayment penalties.
Among the package, were iconic buildings located on an entire Amsterdam Avenue block, on Manhattan’s Upper West Side.
The borrowers were individual LLC’s owned by AC Partners, and the lenders were NYCB, Signature and Western Bank.
Among the 11 properties included in the package are 668 Amsterdam Avenue, 452 Ninth Avenue and 480 Humboldt Street, Brooklyn.