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Garment District Offices Score Five-Year Refi Loan
ERG Commercial Real Estate recently sourced a $4.65-million refinance loan on 150 W. 36th St., a Midtown Manhattan office building. The five-story, 13,000-square-foot building, with ground-floor retail, is located between Sixth and Seventh avenues in the Garment District.
The lender, a local bank, offered a five-year term on the new loan with four five-year extension options on the self-liquidating loan. The local building owner needed to refinance out of another loan at a lower rate, according to ERG finance director Mary Guarino, who sourced the loan.
“In a market where most lenders are reluctant to finance office buildings, we broke through and secured the deal,” said Guarino. “Despite the challenges, we found the right lender and locked in the terms. Persistence pays off.”
