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Ariel Secures Five-Year Loan on Mixed-Use in Astoria
Ariel Property Advisors’ Capital Services Division arranged a $1.575-million loan on a 4,750-square-foot mixed-use property at 31-49 Steinway St. in Queens’ Astoria neighborhood. The financing was arranged by an Ariel Property Advisors team including directors Matt Swerdlow and Matt Dzbanek.
The team secured a five-year, fixed rate loan with 30-year amortization and one year of interest-only payments for the three-story building which comprises two month-to-month residential tenants, a dentist office, and a vacant retail unit on the ground floor. The retail unit includes 26 feet of frontage along the Steinway Street corridor between 31st Avenue and Broadway.
“The property’s excellent visibility and location in a dense area of Queens allowed us to procure flexible permanent financing for a partially cash flowing asset,” said Swerdlow. “Lender appetite for this is high right now, particularly for properties in areas with low vacancies and strong retail fundamentals.”
- ◦Financing
