Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Capital Services Closes An $8.0 Million Construction Loan On The Upper East Side

05/12/2014

Massey Knakal Capital Services is pleased to announce the closing of an $8.0 million construction loan for the conversion of an approximately 8,335 square foot multifamily building to a boutique luxury condominium property located along East 82nd Street on Manhattan’s Upper East Side.  The loan featured a 2-year term at a 4.50% rate, interest only.

"Our client is a great developer who has a track record of delivering high-end product in similar locations,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction.  “Based on his success at a prior development in the area, we were able to get a lender comfortable with the high debt per square foot of $1,000 for a boutique condo,” he continued.

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.

www.masseyknakal.com

05/12/2014 - 10:47

Source

Cushman & Wakefield Capital Markets Group New York

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