Massey Knakal Capital Services is pleased to announce the closing of a $4.075 million refinance loan collateralized by a mixed-use building in Manhattan’s Greenwich Village neighborhood. The mixed-use building contains two retail units and two residential units. The loan featured a five-year fixed term with interest-only financing and an interest rate of 4.00%. The creative structure of the loan also allowed for pre-payment at any time without penalty.
“This was a five-year transitional loan that allowed the borrower to reduce their debt-service and complete their plans to split the asset into four separate condominium units. The loan’s structure provided a fixed rate, interest-only financing and no pre-payment penalties for maximum flexibility. Our deep knowledge of the Greenwich Village market allowed us to substantiate a valuation much higher than the owner’s expectations, which made this loan lower leverage and provided the basis for the flexibility our client needed” said Director Morris Betesh, who exclusively handled this transaction.
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Neighborhoods: Greenwich Village