NEW YORK, NY – December 4, 2024 – The Capital Services Group for Ariel Property Advisors (Ariel) has arranged two loans totaling $11.75 million for properties in Manhattan and Queens.

Ben Schlegel, a Director in the Capital Services Group at Ariel Property Advisors, and Paul McCormick, Partner, Sales Management, represented separate borrowers in the two transactions.

The loans included:

      • Acquisition financing totaling $10.25 million for an 8,900-square-foot, four unit, mixed- use property in the Flatiron neighborhood of Manhattan. Terms included 30-day SOFR plus 5.5%, 30 months interest only, non-recourse with carveouts and 75% LTC.
      • A $1.5 million refinancing loan for a 5,100-square-foot owner-occupied warehouse in Long Island City, Queens. The five-year loan featured a 6.1% interest rate and 45% LTV.

“The loan for the mixed-use property in Manhattan was a “time of the essence” closing but we were still able to run our full process and find the right lender who chose to compete by exceeding our loan request,” Mr. Schlegel said. “At Ariel, we’re very bullish on the market. So far this quarter, our team has closed north of $75 million in loans and we have a robust pipeline headed into 2025.”

NOTE: For more information about the New York City investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Q3 2024 Multifamily Quarter In Review New York City, Manhattan 2024 Mid-Year Commercial Real Estate Trends report, Queens 2024 Mid-Year Commercial Real Estate Trends report, Brooklyn 2024 Mid-Year Commercial Real Estate Trends report, Bronx 2024 Mid-Year Commercial Real Estate Trends report and Northern Manhattan 2024 Mid-Year Commercial Real Estate Trends report.