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Ariel Property Advisors Secures $24M in Financing for Brooklyn Brownstone Portfolio
Ariel Property Advisors’ Capital Services team has successfully arranged $24 million in financing to support the acquisition of a portfolio of four townhouse properties located in some of Brooklyn’s most desirable neighborhoods: Cobble Hill, Boerum Hill, Park Slope, and Williamsburg.
Senior directors Matthew Dzbanek and Matt Swerdlow coordinated the funding with a single debt fund on behalf of the sponsor. The sponsor plans to undertake a mix of condominium conversions and high-end townhouse renovations.
The four-property portfolio includes:
– Cobble Hill: A $4.44 million acquisition loan was secured for a three-unit townhouse totaling 2,220 square feet.
– Williamsburg: A $4.61 million loan was arranged for the acquisition and construction of a 3,600-square-foot single-family townhouse.
– Boerum Hill: A $10 million acquisition and development loan was secured for a 10-unit townhouse project.
– Park Slope: A $5 million acquisition loan supported the purchase of a four-unit townhouse encompassing 8,632 square feet.
“These transactions demonstrate Ariel’s continued strength in securing financing solutions across Brooklyn’s prime brownstone neighborhoods,” said Dzbanek. “Despite varying deal structures and property types, lenders remain confident in the long-term fundamentals of the borough’s boutique residential areas.”
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