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Northern Manhattan Co-Op Secures $4.7M Financing

Ariel Property Advisors arranged $4.7 million in financing for 500 W. 111th St., a 42-unit, 55,868-square-foot cooperative building in Manhattan’s Morningside Heights neighborhood. The financing package, which also included a $1.5-million line of credit, featured a competitive rate of 3% fixed for 10 years with 40-year amortization and a flexible step-down prepayment schedule.

An Ariel team led by Matt Swerdlow and Matt Dzbanek arranged the financing with a regional New Jersey bank. Loan proceeds were used to refinance the existing mortgage and to fund future capital improvements. 

“This building presented solid fundamentals in a strong market near Columbia University,” said Swerdlow. “We were able to secure very competitive loan terms due to the low-interest-rate environment and impeccable management on behalf of the borrower. At this time, co-op boards and owners everywhere should consider similar long-term financing to cover all short- and long-term goals, not just limited to building upgrades.”

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About Paul Bubny

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).

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