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Bed-Stuy MXU Quartet Scores $6.5M Refi
Ariel Property Advisors’ capital services division has arranged a $6.5-million loan for four properties in Brooklyn’s Bedford-Stuyvesant neighborhood. The borrower, who was not identified, used proceeds to pay off four existing loans and get additional capital for future investments.
Led by Ariel’s Paul McCormick and Matt Dzbanek, the division arranged a five-year, 75% loan-to-value cash-out refinance. “In an environment where lenders are pulling back from lending on smaller loans, we were able to work with our relationships to not only get the most aggressive proceeds, but also the best structure for the client,” Dzbanek said.
The Bed-Stuy building quartet includes 22 residential and six commercial units. Approximately 30% of the owner’s gross income comes from commercial leases; only two of the properties have more than five residential units.
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- ◦Financing
