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Ariel Arranges Financing on Bronx, Brooklyn Properties
Ariel Property Advisors’ Capital Services Division arranged $10 million in financing across two loans for five properties in Brooklyn and the Bronx. The loans were arranged by an Ariel team including directors Matt Dzbanek and Matt Swerdlow.
The team secured a $5.5-million construction loan for an in-progress, 24-unit multifamily building in the Morrisania area of the Bronx. On behalf of foreign national sponsors, the loan closed mid-construction to facilitate completion of the project.
“Bronx’s multifamily market is demonstrating much-needed stability post-pandemic,” said Swerdlow. “Amid the much-discussed need for new housing in New York, the borrower’s strong financial position and ability to deliver on a market need helped secure advantageous financing to drive the completion of the construction project.”
The team also secured a $4.5-million loan for four mixed-use buildings located in Bedford-Stuyvesant, Brooklyn. The properties are all fully occupied with local retail tenants.
- ◦Financing
