November 13, 2017
The owners of 388 Broadway have borrowed $12 million to refinance existing debt on the mixed-use property in Manhattan’s Tribeca neighborhood.
“Avant worked diligently with us to close quickly, which allowed the borrower to pay off the previous lender prior to maturity,” said Charles Han, associate director at Eastern Consolidated, regarding the first mortgage provided by Avant Capital Partners.
The property contains seven loft apartments, in addition to a ground-floor retail space and a second-floor office tenant. The loan proceeds provided funds to complete renovations, and funded reserves and closing costs.