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Ariel Handles Septet of “Challenging Loans”
Ariel Property Advisors’ capital services division recently arranged $17.5 million in financing for seven transactions. The funding, located throughout the city and state and including a loan on a property in Michigan, reflects the company’s increased activity in the financing market.
Led by Ariel’s Paul McCormick, Matt Dzbanek and Eli Weisblum, the division arranged financing for 23 properties, which included multifamily, mixed-use, retail buildings, single-room occupancy (SRO), house of worship, and a single-family portfolio.
“These transactions represent some of the most challenging loans to get done these days; new construction cash-out refinancing, SROs, buildings with Certificate of Occupancy issues, and partially vacant retail in non-retail markets,” said Dzbanek (pictured).
Locally, the deals included a $2-million cash-out for a partially vacant new construction building in Williamsburg and a $1.92-million loan for a Prospect Heights multifamily property without a CO.
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- ◦Financing
