Real Estate Weekly
Image default
Debt & Equity

Rent regs don’t deter multifamily lender

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.”

Related posts

Criterion JV refinances 22-property outdoor storage portfolio with $132.3M loan from Axos Bank

REW

JLL arranges $220M financing, equity for downtown Manhattan office-to-apartment conversion

REW

Lonicera Partners and Rabina Secure JV Equity and Financing for Downtown Brooklyn Apartment Development

REW