Waterman Community Bank Provides $7M Refinance Loan For Mixed-Use Property In Manhattan

Waterman Community Bank has provided a $7,000,000 loan to refinance a mixed-use property located at 111 W. 28th St. in Manhattan. The property spans 11,242 square feet and is owned by landlord Philip Sinclar.

Summary of transation details

• Property Type: Mixed-use
• Transaction Amount: $7,000,000
• Loan Type: Refinance
• Loan Terms: $7,000,000 Loan Amount, 3.5% Interest Rate, 30 Year Amortization, Non-Recourse, No Pre-Pay

Cornerstone Capital of NY, represented by Anu Nagpal and the management team, played a pivotal role in securing the financing for this mixed-use fractured condo property. The borrower owned 7 out of the total 14 units, including the retail units. It is noteworthy that the debt market for such niche properties can be challenging, but the team at Cornerstone was able to secure attractive financing terms, including a low 3.5% interest rate and no pre-payment or fees from the lender. This demonstrates the importance of having a close relationship with lenders in today's increasing rate environment.

Key individuals involved in this deal included Russell Nova as the principal, Anu Nagpal as the senior relationship manager, Igor Zakh as the chief operating officer, and Alexander Nemirovsky as the credit manager. They can be contacted through their website at www.CSG-NY.com or at 718 975 8900. Alternatively, inquiries can be sent to [email protected].