FINANCED
Dimitris Vattes Secures $26.9M Refinance Loan For Mixed-Use Property In Hudson County, NJ
477 Broadway - B22 (@liveinb22)
Mixed-use
105,000 SF
105,000 SF
Financed 1 year ago
Summary
Loan
NEW JERSEY
Mixed-use
105,000 sqft
The property involved in this transaction is a mixed-use building located at 477 Broadway - B22 in Hudson County, NJ. The building has a total area of 105,000 square feet and consists of 72 residential units and a 9,000 square foot retail space. The property is currently 100% occupied, with a waiting list for residential units, and the retail space is leased to a medical tenant, Atlantic Health.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $26,900,000
- Date: 02/04/2022
- Address: 477 Broadway - B22
- Market: Hudson County, NJ
- Loan Type: Refinance
- Loan Amount: $26,900,000
- Loan Terms: 7-year term loan at 3.5% interest rate with interest-only component for the first 3 years, followed by a 30-year amortization
In this transaction, the lender for the refinance was BCB Bank, while the landlord of the property is Dimitris Vattes, Lior Darel, Chris Fillas, and Elias Fillas. The brokers involved in the deal were Dimitris Vattes and George Eliopoulos from Velios Capital. The attorney representing the parties was Sacco & Fillas, LLP, and the contractor for the project was The Penta Group.
This loan marks a significant milestone for Dimitris Vattes, who has been involved in financing real estate for the past 19 years alongside his mentor and partner, George Eliopoulos. The successful closing of this permanent loan represents the culmination of a 17-year journey that started as a vision with Dimitris' late father. The property's high occupancy rate and the lease of the retail space to Atlantic Health demonstrate the project's success and the strength of the partnerships involved. Velios Capital, with the ability to finance and develop their own projects, is now looking forward to new opportunities and further growth in the industry.
Players
All
3
Agents
2
Lenders
1
Details
FINANCED
IMAGE: Dimitris Vattes & George Eliopoulos
DATE: 02/04/2022
ADDRESS: 477 Broadway - B22 (@liveinb22)
MARKET: Hudson County, NJ
ASSET TYPE: Mixed-use ~ SF: 105,000
LENDER: BCB Bank (@BankWithBCB)
LANDLORD: Dimitris Vattes (@JVattes16), Lior Darel (@ldarel1965), Chris Fillas (@c.filla) & Elias Fillas (@efillas)
BROKERS: Dimitris Vattes (@JVattes16) & George Eliopoulos - Velios Capital (@VeliosCapital)
ATTORNEY: Sacco & Fillas, LLP (@saccofillas)
CONTRACTOR: The Penta Group (@thepentagroup)
LOAN AMOUNT: $26,900,000
LOAN TYPE: Refinance
LOAN TERMS: Converted construction loan, which was also originated by @velioscapital and funded by BCB Bank, into a 7-year term loan at 3.5% with IO component for first 3 years then amortizing over 30-years.
NOTE FROM @VeliosCapital: Closing this perm loan is the culmination of a 17-year journey for @jvattes16. It started off as a vision with his late father, the project overcame many difficult obstacles & sheer determination, along with great partners that came in, brought it to the finish line. The 72-unit property is 100% occupied with a waiting list & the 9,000sqft retail is leased to a wonderful medical tenant @atlantichealth. While Dimitris was trying to figure out how to become a developer, he was financing real estate & has been doing so for the the last 19years with his mentor/partner George Eliopoulos. Velios Capital can now Finance & Develop their own projects and have several in the pipeline. In this challenging environment we continue to be successful in fulfilling our clients needs. We look forward to new relationships and growing together.View on map
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Address477 Broadway - B22 (@liveinb22)
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