Berkadia announced the financing of The Retail Condominium at The Renaissance, a retail and garage property at 130 Lenox Avenue in Harlem.
Senior Managing Director Stewart Campbell, of the New York office, secured the $31.5 million loan for the borrower through conduit lender Jefferies LoanCore, LLC (JLC).
The 10-year refinancing loan features a 4.13 percent fixed interest rate and is interest-only throughout the term.
“The New York production team covered a very broad spectrum of active lenders to provide the best financing options for this repeat customer,” Campbell said.
“JLC delivered the promised terms in a timely manner, insuring the property remains a leading asset in the submarket.”
The New York City financing market for quality retail properties remains robust with participants including local and regional banks, insurance companies, CMBS lenders and debt funds quoting a very broad range of executions.
Despite this spectrum, borrowers are subject to increased volatility through the quoting and closing process as a result of new and pending banking regulations, heightened regulatory credit oversight and some participants filling annual quotas earlier this year.
“In general, the financing of retail properties today comes under a higher level of scrutiny due to the continued onslaught of internet retail into the space,” Campbell said.
“Now more than ever, retail properties must be very well-located with a tenant mix that provides goods and services to the surrounding community that cannot be easily replaced.”
The Renaissance is a 241-unit a doorman co-op built 1999 by a partnership of Suna/Levine Industries, run by Stuart Match Suna and Jeffrey E. Levine.
It was developed, using public and private funds under the city’s Anchor Program, which is aimed at spurring retail growth in areas where the city invested heavily in housing.