March 2, 2017
ABJ Properties, Inc., refinanced two portfolios, consisting of three apartment properties in Harlem and another 12 in Morningside Heights.
Capital One Multifamily Finance provided the Freddie Mac Small Balance Loans to the properties, with competitive fixed rates of 3.2%.
“Despite the challenges created by interest rate volatility, Meridian was able to negotiate a five-year term with two years of interest-only payments,” said Baruch Pelcovitz, vice president for Meridian Capital Group, broker for the loans. “Both portfolios were regulated by city agencies, which added unique complexities in placing the loan with the appropriate lender.”
The two portfolios include a total of 161 apartments and three retail spaces, all within walking distance of subways, Columbia University, several parks and a variety of shops and restaurants.
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