April 19, 2017 Comments Off on Bridge Loan for Vacant Retail Condominium Views: 399 Downtown New York, New York News

Bridge Loan for Vacant Retail Condominium

April 20, 2017

The retail space at 201 Mulberry St. is now rented to pop-up stores while it looks for a long-term tenant — asking $125 per square foot in Manhattan’s Nolita neighborhood.

However, the owners of the retail condominium, named 201 Mulberry Commercial, were also looking to refinance the property. That’s difficult to do without a tenant in place.

“East West Bank was able to provide a short-term bridge loan that reduced the borrower’s previous interest rate, and allowed additional time to sign a long-term lease for the space,” said Jonathan Aghravi, managing director for Eastern Consolidated’s Capital Advisory Division, which arranged the refinancing.

Located at the base of a six-story elevator residential building, the 4,500-square-foot ground floor condo features five skylights, 10- to 18-foot high ceilings, and 21 feet of frontage on Mulberry Street.

Read More at Eastern Consolidated

Read More at Agorafy

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