The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

Featured Closing: $1.45M. Loan, Brooklyn, NY

9/17/2013 9:08:07 AM/ Massey Knakal/ Closings

Massey Knakal Capital Services is pleased to announce the closing of a $1.45 million loan collateralized by a mixed-use building occupied by the non-profit organization Spoke the Hub Dancing, Inc., in Brooklyn’s Park Slope neighborhood.  The loan featured a ten-year term with a fixed interest rate of 5.37% and was funded by Sovereign Bank.
"Because of the property’s unique, mixed-use nature and it being occupied by the owner, the transaction had many moving parts. It could not have been completed without the combined effort of both the borrower and bank,” said Massey Knakal’s Roger Kapsalis, who exclusively handled this transaction.  “We were able to get the bank comfortable with the property’s investment value despite it being occupied long-term by a user/occupant,” added Mr. Kapsalis.

Click here for press release

Neighborhoods: Park Slope