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New York & Tri-State  + Uptown/Bronx  + Retail  | 

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

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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 16-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 7-10 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).

  • ◦Financing
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