Sabet Group Secures $19.9 Million Refinance Loan For Mixed-Use Property In SoHo

The asset involved in this transaction is a mixed-use property located at 457-459 Broome Street in SoHo, Manhattan. The property is part of a nine-unit building and secured a refinancing loan to address prior financial obligations.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $19,900,000
• Lender: Bruce Van Saun - Citizens Bank
• Landlord: Leor Sabet & Alfred Sabetfard - Sabet Group
• Prior Loan Amount: $14,500,000 from Israel Discount Bank

This refinancing was secured through 457 Broome St LLC, a subsidiary of Sabet Group, allowing them to replace the previous loan with Citizens Bank. The transaction emphasizes the strategic financial management by the landlords in enhancing their property portfolio.