Massey Knkakal Capital Services Closes An $8 Million Loan on Upper East Side
Massey Knakal Capital Services is pleased to announce the closing of a loan for an Ambulatory Surgical Center at 50 East 69th Street located on Manhattan’s Upper East Side. The $8,000,000 non-recourse loan was fixed for ten years at 3.00%, with the first two years interest only.
“This was a very successful transaction for the owner who has operated the property as an Ambulatory Surgical Center for over 20 years. The $8,000,000 refinanced an existing balance of approximately $6,500,000. Excess proceeds from the loan were used to invest in new equipment and general building upgrades. The new interest rate on the loan was over 4% less than the prior rate saving the owner a significant amount of debt service and improving their cash-flow substantially,” said Director Morris Betesh who exclusively handled this transaction.
“We placed this loan with a regional lender who has been aggressively expanding their foot-print in New York City. Because of our market knowledge, extensive marketing capabilities and completed transactions, we are able to identify who will be the most aggressive lender on a particular loan,” said Garrett Thelander, Managing Director of Massey Knakal Capital Services.
“Although this was a low-leverage loan, the property was fully occupied by a single-affiliated entity. The surgical center had a very unique business model and a complicated ownership structure. We were able to walk the lenders through all of the details so they could properly underwrite the cash-flow of the asset and get their arms around the real-estate value,” added Betesh.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed rate loans, floating rate loans, construction loans, mezzanine loans and bridge loans.