Dimitris Vattes Secures $26.9M Refinance Loan For Mixed-Use Property In Hudson County, NJ

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.