Massey Knakal Capital Services is pleased to announce the closing of a $5.7 million loan collateralized by a five-building multifamily portfolio with 63 units in Bedford-Stuyvesant, Brooklyn. The loan was closed in 21 business days and equated to 75% of the total acquisition cost. The non-recourse loan closed at a 3.25% fixed rate with a five-year term, 30 year amortization and no upfront fee. The loan includes release provisions for the borrower to sell buildings without having to pay the loan off in full.
“The challenge of this transaction was two-fold. First, the timeframe to execute on the transaction was extremely short, which allowed only 21 business days from getting the first term sheet to closing. The second challenge was the complexity of the collateral, which included five different buildings with separate appraisals and exposure to various rent stabilization laws and New York City violations.” said Director Scott Aiese, who exclusively handled this transaction.
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Neighborhoods: Bedford Stuyvesant