Case Study: $6.8MM Multifamily Property | Acquisition | New York, NY

Structured and arranged long-term, fixed-rate senior debt for the acquisition of a 44-unit, rent-stabilized building in the Washington Heights neighborhood of Manhattan.

Challenges

Rent-stabilized units and a non-conforming ground floor retail unit prevented lenders from underwriting to the building’s full value, reducing initial loan proceeds.

Solutions

Identified a balance sheet lender who was willing to structure an earn-out mechanism that would allow the borrower to receive additional funds once the retail space achieved conforming status.