June 4, 2017
Two apartment buildings received $3.785 million in loans in the Bedford-Stuyvesant neighborhood of Brooklyn, one of the most vibrant areas in New York City.
The 8-unit, 5,720-square-foot property at 213 Ralph Ave. received a $1.55 million, 5-year non-recourse, fixed-rate loan at 3.68%. The 8-unit, 5,720-square-foot property at 215 Ralph Ave. received a $2.2 million, 5-year non-recourse, fixed-rate loan at 3.75%.
“The 215 Ralph Avenue loan equates to roughly 85% of the owner’s cost basis in the building, which is above-average and indicative of strong appreciation in the market,” said Matt Dzbanek, director for Ariel Property Advisors. “As the lending landscape tightens, there are still new lenders, both individual and institutional, that have an enormous appetite for financing transactions such as the ones on Ralph Avenue,” he added.
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