ABS Altman Warwick, a division of ABS Partners, closed a $13 million loan for a 68-unit, 65,600 s/f apartment building at 232 East 12th Street in Manhattan.
The non-recourse balance sheet loan featured full-term interest-only for 10 years.
Morris Dweck placed the loan with a major life insurance company on behalf of Capri Apartments LLC.
“Even though 20 of the 68 residential apartments were rent stabilized, this loan shows that, although there is a much more cautious lending environment towards rent stabilized multifamily properties, lenders are comfortable lending on lower or moderately leveraged properties in prime locations.”
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