
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.”