Aries Capital Closes $6.5 Million CMBS Loan for Brooklyn Industrial PropertyMay 15, 2019
Aries Capital is pleased to announce that Brandon Perdeck, vice president with the firm, has closed a $6,500,000 CMBS loan for a 16,500-square-foot manufacturing facility located at 413 20th Street in Brooklyn, New York. The 10-year, non-recourse, permanent loan features a 75% loan-to-value ratio and a 30-year amortization. Neil Freeman, chairman & CEO of Aries Capital and Perdeck originated the loan.
Located in the Greenwood Heights neighborhood of Brooklyn, the borrower acquired the land in 2016 and began construction on the property in 2018. The newly completed property is fully leased to Sedona Marble and Granite, a leading marble and granite company in the boroughs, and a part owner of the building. The borrower sought Aries Capital’s expertise to refinance the property in order to retire existing construction debt and partially return equity to the partners.
“The borrower was referred to us by a broker contact in Miami who is familiar with our expertise,” said Perdeck. “It can be challenging to source a lender for a newly-constructed and owner-occupied property, but through our network and expertise, we were able to creatively structure a solution which provided the borrower with the necessary proceeds, favorable terms and an efficient closing.”
“Brandon and Neil were a pleasure to work with. Their genuine interest and honest information were extremely helpful on this difficult commercial refinancing deal. Without their follow up and pursuit of solutions, the financing would not have happened,” said borrower Thomas McCloskey, development & construction manager and founder of New York-based TKS Development Group.