903 Sheridan.

ASKD Capital arranged a $6.6 million CMBS conduit loan for the refinance of a multi-tenant mixed use building located in Bronx, NY. The 18,000 sq. ft. Property is a two-story retail and office building, leased by five retail and six office tenants and is 100% occupied. The Property is located in an infill, busy retail location with daily traffic count of 19,000 vehicles and high foot traffic and is located 0.3 miles away from Yankee Stadium.

The Property remained relatively unaffected by the COVID-19 Pandemic and the majority of tenants paid contractual rent during this period which highlights the strength of this market and location. The Property is also partially owner occupied which we adequately structured for. CMBS is a product for investment real estate only but there are ways we can receive credit for owner occupied income. We increased the term of the Sponsor’s lease by 3 years past the term of the loan with a personal guaranty. Additionally, the allocated portion of gross income from the owner occupied space was less than 20% of the overall income.

The Sponsor was pleased we could remove their personal liability from the loan and take advantage of locking in an all-time low interest rate for 10 years. The CMBS conduit loan provided by a REIT features a 10-year term, 30- year amortization, and is non-recourse.