NEW YORK, NY – October 18, 2024 – Ariel Property Advisors (Ariel) arranged a $11.57 million refinancing loan for a 61-unit portfolio comprised of six mixed-use buildings in the Mott Haven neighborhood of the South Bronx.

An Ariel Capital Services Group team, led by Senior Director Matt Swerdlow, alongside Senior Director Matthew Dzbanek and Associate Anthony Priest, secured the loan on behalf of the borrower. A national multifamily lender provided the non-recourse financing, which included highly favorable terms: a 5.35% interest rate, five years of interest-only payments and a seven-year fixed rate.

“This transaction underscores Ariel’s strong, long-term relationships with both borrowers and lenders,” said Mr. Swerdlow. “Our team was able to secure below market financing terms for this portfolio, leveraging our deep understanding of the lender's capabilities along with our extensive knowledge of the South Bronx market. This is the second financing deal we’ve arranged for this borrower in 2024 for a total of $20 million, and we’re proud to continue building on a successful relationship.”

The Mott Haven neighborhood has experienced a significant surge in both residential and commercial development in recent years, making it an attractive area for investors and developers alike. Ariel Property Advisors has been at the forefront of various key transactions in the South Bronx, assisting in the transformation of this vibrant community.

NOTE: For more information about the Bronx investment sales market, please refer to Ariel Property Advisors’ Bronx 2024 Mid-Year Commercial Real Estate Trends report and Q3 2024 Multifamily Quarter In Review New York City.