Ariel Property Advisors’ Capital Services Group successfully facilitated five loans, totaling over $20 million, to support the development, purchase, and refinancing of various properties in Brooklyn. The transactions included a $10 million construction loan for a Boerum Hill condominium property, a $4.5 million inventory loan for a Prospect Heights building with condos available for sale, a $2.8 million loan for converting luxury townhouses in Boerum Hill into residential units, an acquisition loan of $1.7 million for an eight-unit multifamily building located in Bedford Stuyvesant and finally securing cash-out refinancing worth 1.399$millionfora fully rent-stabilized multifamily building with eight units situated in Prospect Heights.
The deals were arranged by Matthew Dzbanek and Matt Swerdlow from Ariel Property Advisors who stated that “the Brooklyn multifamily market continues to show promising signs” while also highlighting the eagerness of lenders to cater to the specific needs of their clients represented by them.
This financing news was originally published on Connect CRE’s website.
