Massey Knakal Capital Services Closes A $1.75 Million Bridge Loan In SoHo
Massey Knakal Capital Services is pleased to announce the closing of a $1.75 million bridge loan collateralized by a two unit mixed-use property located at 216 Lafayette Street. The property directly faces the west side of Lieutenant Petrosino Square between Broome and Spring Streets in Manhattan’s SoHo neighborhood. Recent sales in the area, new construction, redevelopment of some older properties, and new retail and restaurant venues have generated renewed interest in the area that bridges the connection between SoHo and Nolita.
“The loan was a cash-out to the current owner who wanted to use the proceeds to reinvest in another investment property. The loan to value was very low and the lender did an excellent job of closing the loan in less than 30 days. They also allowed for a flexible pre-payment option,” saidMassey Knakal’s Bruce Whipple, who exclusively handled this transaction.
216 Lafayette Streetis also currently being marketed for sale by Massey Knakal’s Robert Burton.
Massey Knakal is a diversified real estate company, exclusively representing owners in the sale, retail lease and financing of their properties. With over 150 employees, four offices and thorough coverage of the five boroughs of New York City, Westchester County, Long Island and New Jersey, Massey Knakal dominates the New York metropolitan area's property transaction marketplace. Our dedication to neighborhood knowledge and relationship building is a source of continuing pride and success for Massey Knakal, and through our Territory System™, our agents have partnered with owners throughout the city to close over 4,500 transactions, with an aggregate value in excess of $17 billion since 1988.