Cornerstone Group Of NY Secures $2.3M Loan For Mixed-Use Property In Manhattan | 200 Lenox Avenue | Sean Kuts, Russell Nova | Mixed-use | Loan

Summary

Loan

NEW YORK

Mixed-use

6,195 sqft

The mixed-use property located at 200 Lenox Avenue in Manhattan spans 6,195 square feet. Waterman Capital provided a refinance loan of $2,300,000 for the asset, which is owned by Fabricse Warren.

Summary of transation details:

Property Type: Mixed-use
Transaction Amount: $2,300,000
Market: Manhattan
Lender: Waterman Capital
Landlord: Fabricse Warren
Brokers: Russell Nova, Principal - The Cornerstone Group of NY & Sean Kuts - The Cornerstone Group of NY
Loan Type: Refinance
Loan Terms: 10 Year Fixed / 6.375% / 30 Year Amortization

Russell Nova, a Principal at The Cornerstone Group of NY, and Sean Kuts, a Senior Relationship Manager, played key roles in securing the financing for this transaction. Despite challenges faced due to the property's lack of seasoned ownership and previous bridge loan acquisition, Cornerstone Capital of NY was able to provide a competitive mortgage option as well as cash out on a non-seasoned asset.

Players

All
3

Agents
2
Agencies
1

$28.3M Sold

$48.3M Sold

Cornerstone Capital Financing

Details

Deal Summary

FINANCED

IMAGE: Russell Nova & Sean Kuts DATE: 02/05/2024 ADDRESS: 200 Lenox Avenue MARKET: Manhattan ASSET TYPE: Mixed-use ~ SF: 6,195 LENDER: Waterman Capital LANDLORD: Fabricse Warren BROKERS: Russell Nova (@RussellNova), Principal - The Cornerstone Group of NY & Sean Kuts (@Sean_Kuts) - The Cornerstone Group of NY (@CornerstoneCapitalofNY) LOAN AMOUNT: $2,300,000 LOAN TYPE: Refinance LOAN TERMS: 10 Year Fixed / 6.375% / 30 Year Amortization NOTE FROM BROKERS: @CornerstoneCapitalofNY secured Financing on this Mixed use property. Sponsors approached us after having difficulty finding a competitive debt option due to a lack of seasoned ownership of the property, after a bridge loan acquisition. Despite this, we were able to provide not only one of the cheapest mortgage expenses for the current market, but also cash out on a non seasoned asset. Contact US and yourself at the Sean Kuts, Senior Relationship Manager 347-585-5212 - Cell [email protected] Russell Nova, Principal 917-559-1820 - Cell [email protected]

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Address 200 Lenox Avenue

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