Massey Knakal Capital Services Closes A $10.25 Million Construction Loan In Tuckahoe
Massey Knakal Capital Services is pleased to announce the closing of a $10.25 million construction loan collateralized by a to-be-built, mixed-use building in Tuckahoe, NY. The approximately 46,000 square foot property will contain 3,600 square feet of retail space and 47 residential apartment units. The construction loan featured a 2-year term at 3.00%, with two 5-year options thereafter.
"Given the financial strength of the borrower and the great location near the Crestwood train station, we were able to source a 70.00% loan to cost structure that also allowed the borrower to fund equity pari-passu with debt,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction. “The new project will be a great addition to the Tuckahoe and Crestwood community,” he added.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, construction loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.