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Wharton Properties Lands $23M Refi on New Build
Abe Mann of Progress Capital has secured $23 million on behalf of Jeff Sutton and Wharton Properties to refinance a newly-constructed retail development on a prime corner in Harlem. The multistory property at 324 W. 125th St. is anchored by CVS and Zwanger Pesiri Radiology.
Mann negotiated and secured the permanent mortgage with Wells Fargo. The non-recourse loan is accompanied by a low interest rate, full- term IO and no prepayment penalty.
Loan proceeds will be used to retire the existing debt and provide significant cash-out of vested equity that will fuel a continued expansion of Wharton’s real estate investment portfolio.
“It’s an honor and a privilege to represent Jeff Sutton and his partners in securing financing on such a beautiful retail property,” said Mann. “We enjoyed working with Wharton Properties throughout the closing process, and we look forward to working together again in the near future.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing

