ABS Altman Warwick, a New York City-based capital market advisory firm and division of ABS Partners Real Estate, today announced the closing of a $13 million loan for a 68-unit, 65,600 square foot apartment building at 232 East 12th Street in Manhattan.The new non-recourse balance sheet loan featured full-term interest-only for 10 years.
Morris Dweck of ABS Altman Warwick placed the loan with a major life insurance company on behalf of Capri Apartments LLC.
“Even though 20 of the 68 residential apartments were rent stabilized, we were able to secure a 10-year, full-term, interest-only loan at a very low rate with a great life insurance company,” said Mr. Dweck. “This new loan shows that, although there is a much more cautious lending environment towards rent stabilized multifamily properties, lenders are comfortable lending on lower or moderately leveraged properties in prime locations.”
Located on East 12th Street between Second and Third Avenues in New York City, the 10-story apartment building enjoys a very high historical occupancy rate. In addition to the multifamily component, the property also houses two medical offices on the ground floor.
About ABS Altman Warwick
ABS Altman Warwick represents the convergence of two well-established and highly respected companies with the shared values and common principals of providing clients with unmatched service and attention. ABS Altman Warwick provides capital markets advisory services and has arranged financing throughout the capital stack including senior debt, mezzanine,equity and construction financing.
