Massey Knakal Capital Services is pleased to announce the closing of a $1.75 million loan collateralized by a multifamily property in Manhattan’s West Village neighborhood. The building contains five residential units and consists of approximately 3,100 square feet. The loan featured a 5-year fixed term with an interest rate of 2.75%.
“We faced a few challenges here, mainly a borrower who had to close quickly, but we were able to lock in a low rate that the bank held to, despite recent interest rate volatility. Thanks to the investment sales team at Massey Knakal, we were also able to justify a bank valuation at a sub-3.00% cap rate,” said Director John Leslie, who exclusively handled this transaction.
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Neighborhoods: Greenwich Village