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Ariel Arranges Condo Construction Loans in Brooklyn, Queens

The Capital Services Group of Ariel Property Advisors recently closed three loans from private lenders totaling more than $17 million to finance condominium construction projects in Brooklyn and Queens. An Ariel team led by senior director Matthew Dzbanek and director Nicholas Campoli arranged the loans on behalf of the developers. 

The loans included the following:

  • A $6.85-million non-recourse condo construction loan at 75% LTC to finance an eight-unit development in Long Island City.
  • A $5.5-million two-year, full-term interest only, non-recourse loan to finance a 24-unit condo conversion in Richmond Hill. The terms included a rate of SOFR+5.25% and 75% LTC.
  • A $4.7-million condo construction loan to finance a four-unit development in Williamsburg.

“Condo construction is on fire in New York City right now, especially for projects producing affordable units,” Dzbanek said. “We’ve been running a very competitive process for condo conversion developments, ultimately delivering over 10 viable quotes for clients to consider.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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