Massey Knakal is pleased to announce the closing of a $14,070,000 loan secured by a portfolio of eight multifamily buildings located in the Williamsburg section of Brooklyn.
“The challenge in this transaction, which was a cash-out refinance, was getting a lender to recognize the significant value that was created by a sponsor who had been working the asset over the last seven years of ownership,” said Morris Betesh, Director at Massey Knakal Capital Services.
“We worked closely with our territory sales team members, who have a very good pulse and an up-to-date database on rental rates and market cap rates, to get the lender comfortable with today’s market value,” added Betesh.
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, construction loans, mezzanine loans and bridge loans.
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Neighborhoods: Williamsburg