Cushman & Wakefield has closed a $22 million loan, collateralized by three mixed-use buildings at 92-94 Second Avenue, 192 First Avenue and 194 First Avenue in the East Village.
The loan features a rate of 2.875 percent and a 30 year amortization schedule.
“The challenge with this financing was finding a lender to get comfortable with the month-to-month leases and the lack of historical financials,ˮ said Cushman & Wakefield’s Morris Betesh, who exclusively handled this transaction with Omar Ferreira.
“Fortunately, our client has a great reputation of repositioning assets such as these. Coupled with our unparalleled residential and retail lease comp data, we were able to arrive at an aggressive loan structure.”