Hybrid Capital, a New York-based commercial mortgage and advisory firm, arranged a $13,000,000 refinancing for a six-story, 35,000 s/f office building on Seventh Avenue in Midtown West in Manhattan.
According to Bobby Bakhchi, the CEO of Hybrid Capital who arranged the transaction on behalf of a private investor, the terms call for a 10-year fixed-rate loan with no prepayment penalty.
Bakhchi said, “This is an excellent market for recapitalizations, and we are seeing strong demand from a broad range of lenders for all asset types throughout Manhattan and the boroughs. This is a stable asset, well-located and fully leased with a strong sponsor, and a competitive process enabled us to achieve excellent rates and terms on behalf of our client.”
Plans call for the renovation and repositioning of the multi-tenanted property.