Massey Knakal Capital Services Closes A $4.0 Million Loan In Midtown West
Massey Knakal Capital Services is pleased to announce the closing of a $4.0 million acquisition loan collateralized by a vacant office building located at 44 West 55th Street in Manhattan’s Midtown West neighborhood. The loan featured a 5 year term with 2 years of interest-only payments and an interest rate of 2.70%. The creative structure of the loan also allowed for pre-payment at any time without penalty.
“This was the second loan we closed for our institutional client. The challenge in this transaction was that the building’s entire office portion was vacant and the cash-flow from the retail unit barely covered the operating expenses of the property. We were able to source a lender who had confidence in the Sponsor’s ability to execute his business plan and lease up the office space in a short amount of time. The Sponsor’s portfolio contained several similar properties within steps of this asset which we utilized to demonstrate comparable rents and a successful operating history,” said Director Morris Betesh, 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.