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