Hybrid Capital arranged $13,000,000 in financing for the owners of Grace’s Marketplace, a gourmet food market on Manhattan’s Upper Side.
The loan will be utilized by Grace’s Marketplace to move from its present location at Third Avenue and 71st Street, to a new space on Second Avenue and 68th Street.
Bobby Bakhchi, the CEO of Hybrid Capital, commented, “With the recognition of Grace’s as a neighborhood institution since 1985, and its plans for a new expanded location within the area, we found a great deal of interest from lenders, enabling us to achieve competitive rates and terms for our client.”
Faced with an expiring lease at its current location, Grace’s used the opportunity to find a larger space nearby, consisting of 7,700 s/f. Grace’s also plans to offer customers a new open kitchen café, full-service salad bar, and European-style espresso bar.