Matthew Dzbanek
Senior Director - Capital Services
Ariel Property Advisors
Matt Swerdlow
Senior Director - Capital Services
Ariel Property Advisors
NEW YORK, NY – March 20, 2024 – The Capital Services Group for Ariel Property Advisors (Ariel) brokered a $25,350,000 loan to finance the value-add acquisition of an 82-unit multifamily property located at 120-125 Riverside Drive in Manhattan.
Ariel Property Advisors brokered a $25,350,000 loan for the acquisition 120-125 Riverside Drive on the Upper West Side.
Matt Dzbanek and Matt Swerdlow, both Senior Directors with Ariel Property Advisors, arranged the financing on behalf of the buyer.
“We were pleased to be able to secure this highly structured financing package with favorable terms for the buyer,” Dzbanek said. “The loan benefited from our full marketing process which led to multiple bids and ultimately a very competitive structure from the winning bank.”
The property, which includes a mix of free market and rent stabilized units, was partially vacant at the close of the transaction.
The bank loan, which was secured through an extensive marketing process, ultimately closed with an out-of-state lender. The loan featured a five-year, fixed-rate term, including two-years of interest only and 60% loan-to-cost ratio. It will allow the sponsors to capitalize the acquisition as well as the renovation work and offers a fairly flexible prepay so the buyer can refinance once the work is complete or can stay in the loan for the full five years.
