Massey Knakal Capital Services is pleased to announce the closing of a condominium conversion loan on Manhattan’s Upper West Side for total proceeds of $12.0 million.
A $12.0 million condominium conversion loan was closed in order to refinance an existing term loan and transform a pre-war multifamily building with approximately 50-units into luxury condominiums that will be sold on an individual basis. The loan provides the necessary capital to convert the first 20 units from apartments to luxury condominiums. After completion of the first 20 units, the innovative loan structure allows the borrower to recycle condominium sales proceeds to complete the renovation of the remainder of the condominium units.
“Massey Knakal created a mutually beneficial partnership between the developer and lender, by allowing the borrower to minimize its equity contribution with low transactional costs while providing the lender with a low-basis transaction with a leading sponsor,” said Director Scott Aiese.
Director Scott Aiese represented his client to lenders from a banker’s perspective, after spending five years as a vice president of real estate at a major financial institution.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet client needs. MKCS specializes in a variety of debt and equity based real estate financing including fixed rate loans, floating rate loans, constructions loans, mezzanine loans and bridge loans.
Neighborhoods: Upper West Side