The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

Massey Knakal Capital Services is pleased to announce the closing of a loan for a mixed-use commercial property located within close proximity to Grand Central Terminal. The $3,200,000 non-recourse loan was fixed for five years at 3.5%.  

“The loan featured a loan-to-value ratio of 70.0% and a very competitive rate. When we initially underwrote the loan for our client, we projected maximum loan proceeds of $3,150,000 and a rate of 4.0% for 5 years. We received over 10 quotes for the transaction with the majority of them landing at or above 4.0%. Through our bidding process, we identified a lender who was interested in the long term relationship with a premier owner and was able to differentiate themselves from the competition. This is a continuation of our successful track record of under-promising and over-delivering for our clients. We prefer to err on the conservative side quoting transactions and delivering equal or better results at the closing,” said Director Morris Betesh who exclusively handled this transaction.

Click here for press release

Neighborhoods: Midtown East