Ariel Arranges Multiple Construction and Refinancing Loans

The Capital Services Group for Ariel Property Advisors recently arranged construction, refinancing and acquisition loans totaling over $17 million for six properties in Brooklyn and Manhattan. Matthew Dzbanek and Matt Swerdlow, both senior directors in Ariel’s Capital Services Group, arranged the loans.

The six loans included the following:

• A $4.4-million construction loan for a townhouse conversion in Carroll Gardens, Brooklyn. 

• A $4.4-million construction loan for a four-unit condo building in Greenpoint, Brooklyn. 

• A $3.2-million refinancing loan for a NNN retail property in Greenwich Village.

• A $2.5-million refinancing loan for a free-market, six-unit multifamily building in Greenpoint.

• A $1.5-million refinancing loan for a four-unit, free-market multifamily building in the Prospect Lefferts Gardens section of Brooklyn. 

• A $1.1-million acquisition loan for a vacant three-unit, free-market mixed-use property in Prospect Lefferts Gardens.

“We’re seeing more lenders returning to the New York market and in the last few weeks secured financing for three residential construction projects in Brooklyn—two condo and one rental development—that in some cases attracted over 15 quotes,” said Dzbanek. “Lenders are viewing these developments positively because they reason the projects will be delivered into a strong market short on housing.”