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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).