Ariel Arranges Refi on Portfolio in Brooklyn and Queens
Ariel Property Advisors arranged a $6.9-million refinancing for a 23,045-square-foot, 20-unit portfolio across Brooklyn and Queens. An Ariel team led by Matt Dzbanek and Matt Swerdlow arranged the financing with Dime Community Bank.
The properties contain a mix of multifamily and mixed-use assets. While two of the portfolio’s four retail spaces were vacant at close and two properties are still awaiting certificates of occupancy, Ariel arranged a competitive financing package featuring a 3.65% interest rate with approximately $3 million of cash-out.
“This portfolio was so attractive to lenders because even though there were some retail vacancies in a COVID market, our team was able to highlight the many positives of this deal to get it to a close,” said Dzbanek. “We leveraged the historically low interest rates and a strong managerial vision for the portfolio to get the best terms for our clients.”