Massey Knakal Capital Services Closes A $1.3 Million Loan In North Haven, Connecticut
Massey Knakal Capital Services is pleased to announce the closing of a $1.3 million loan to refinance existing debt and provide a small cash-out to the Sponsors. The loan was collateralized by an approximately 48,650 square foot fractured commercial condominium building that contains 17 units and is zoned for flex-light industrial use in North Haven, Connecticut. The loan featured a 10-year fixed-rate at 5.12%.
"This transaction was a challenge because of its location in a secondary commercial market and the fact that it was only a portion of the total condominium interest. We were able to source a local bank that was comfortable with the market and could understand the unusual structure of the collateral,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction with Bruce Whipple. “The asset manager manages over 1,000,000 square feet of commercial real estate in the New York Metro area and has been a repeat client several times over. Given their specific criteria for a loan, we carefully researched the most viable opportunities and secured the best possible option,” Morris 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.