Cushman & Wakefield secured a $12 million loan for 111-113 East 12th Street in the East Village.
The loan featured a five-year term at 3.25 percent, with a 30-year amortization.
Cushman & Wakefield’s John Leslie exclusively handled the transaction with Patrick Rhea. The lender was BankUnited.
“We were able to recapitalize some existing debt with a rate and term far more attractive, and put the owner in a better position to leverage the property in the future. Overall everyone was very happy with the result,” said Leslie.
The contiguous mixed-use buildings total approximately 22,473 s/f and are divided into 16 residential units and two commercial units.