Conway Capital Secures $15.5M Refinance Loan For Mixed-Use Properties In Park Slope & East Village

The recent transaction involves the refinance of mixed-use properties located at 764 Union Street, 419 16th Street, 197 E. 7th Street, and 405 East 6th Street in Park Slope and East Village. The loan amount for this deal was $15,500,000, provided by Citi Bank. The loan is a refinance type with a 10-year term and full interest-only payments. It is a non-recourse loan.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $15,500,000
• Market: Park Slope & East Village

In this transaction, Abe Cohen acted as the landlord. The mortgage broker involved in the deal was Robert Tobias from RJT Capital Partners. Conway Capital, a privately held real estate acquisitions firm, is the note from the landlord. They specialize in value-add multifamily and mixed-use buildings in Lower Manhattan and Brooklyn. Over the last 3 years, they have acquired 45 buildings with a current market value of approximately $360M. In early 2021, they purchased these properties for a combined price of $15,800,000. Within a year, they successfully renovated and leased all units at higher rents, leading to a significant 50% increase in value. As a result, they were able to take out a portion of their equity. For new deal opportunities, interested parties can reach out to [email protected] or [email protected].