Cornerstone Capital Secures $7M Refinance Loan For Mixed-Use Property At 111 W. 28th St. Manhattan

A mixed-use property located at 111 W. 28th St. in Manhattan has recently undergone a refinancing transaction. The property, spanning approximately 11,242 square feet, consists of both residential and retail units.

Summary of transaction 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
• Lender: Waterman Community Bank
• Landlord: Philip Sinclar

This refinancing deal was facilitated by @CornerstoneCapitalofNY. The borrower owned 7 out of 14 units in the property, including the retail units. This presented a unique opportunity for financing, as it is a niche product that many lenders might shy away from. However, with their expertise in the debt market, Anu Nagpal and the Cornerstone Management Team were able to secure attractive financing terms, including a 3.5% interest rate and no pre-payment or fees from the lender. This deal highlights the importance of building close relationships with lenders, particularly in the current increasing rate environment. For those looking for condo financing with conventional pricing, @CornerstoneCapitalofNY provides valuable expertise and service.