Ariel Property Advisors Secures $13.5M Loan For Mixed-Use Property On West 42nd Street

The mixed-use property located at 321-325 West 42nd Street in Midtown West has recently undergone a closed transaction. Spanning approximately 27,600 square feet, the asset consists of 39 units. The deal was facilitated by Ariel Property Advisors, with brokers Matt Dzbanek and Matt Swerdlow representing the parties involved.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $13,500,000
• Loan Type: Repositioning
• Loan Terms: 65% LTC, 6.5% Fixed Rate (Fixed at Term Sheet), 2 Year Interest Only, 5 Year Term | 30 Year Amortization, Burnoff Recourse, Closed in 35 Days from the signing of Term Sheet

The loan amount for this transaction was $13,500,000. It was a repositioning loan with specific terms, including a 65% Loan-to-Cost ratio. The loan featured a fixed rate of 6.5% that was fixed at the term sheet stage. The initial two years had an interest-only structure, with a five-year term and a 30-year amortization schedule. Additionally, the loan had a burnoff recourse provision. The entire process, from the signing of the term sheet to the closing, was completed within 35 days.