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Bridge Loan for Vacant Retail Condominium
April 20, 2017
The retail space at 201 Mulberry St. is now rented to pop-up stores while it looks for a long-term tenant — asking $125 per square foot in Manhattan’s Nolita neighborhood.
However, the owners of the retail condominium, named 201 Mulberry Commercial, were also looking to refinance the property. That’s difficult to do without a tenant in place.
“East West Bank was able to provide a short-term bridge loan that reduced the borrower’s previous interest rate, and allowed additional time to sign a long-term lease for the space,” said Jonathan Aghravi, managing director for Eastern Consolidated’s Capital Advisory Division, which arranged the refinancing.
Located at the base of a six-story elevator residential building, the 4,500-square-foot ground floor condo features five skylights, 10- to 18-foot high ceilings, and 21 feet of frontage on Mulberry Street.
For comments, questions or concerns, please contact Bendix Anderson
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