Massey Knakal Capital Services Closes $10.5 Million Loan In Midtown West
Massey Knakal Capital Services is pleased to announce the closing of a $10.5 million cash-out refinancing collateralized by a portfolio of owner-occupied properties consisting of a bar/restaurant and hotel in Manhattan’s Midtown West. The loan featured a 10-year term with a fixed-rate at 4.75%.
"This was a great opportunity to pair highly experienced owner/operators with a lender who truly understood their business. After restructuring their portfolio, we were able to reduce their interest rate by 100 bps, and cash-out substantial proceeds to further build their NYC portfolio,” said Massey Knakal’s Preston Flammang, who exclusively handled this transaction.
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.