Cornerstone Group Of NY Secures $2.3M Loan For Mixed-Use Property In Manhattan

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.