Empire Management Secures $84.1M Refinance Loan For Manhattan & Pelham Multifamily Portfolio

Empire Management, represented by Shatz Capital, has secured a refinancing loan of $84.1 million from Barclays Capital Real Estate Inc. The loan has a fixed rate and a 5-year term with full-term interest-only payments. This financing is used to refinance the existing debt on Empire Management's portfolio, which consists of seven buildings with a total of 436 units. These properties are located in the vibrant neighborhoods of Morningside Heights and Washington Heights, specifically at 509 Cathedral Parkway, 515 Cathedral Parkway, 652 West 163rd Street, 664 West 163rd Street, 517 West 113th Street, 603 West 140th Street, and 21 Fifth Ave. The combined square footage of these multifamily assets is approximately 520,000 square feet.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $84,100,000
• Units: 436
• Market: Manhattan & Pelham

In addition to the loan and the properties involved, key individuals and companies have played crucial roles in this transaction. Fred Ohebshalom, the landlord and principal of Empire Management, successfully secured the financing. Matthew Shatz from Shatz Capital represented the company throughout the process. Barclays Capital Real Estate Inc. served as the lender for this refinancing deal.