SUCCESS STORY
Rego Park Mixed Use Building.
A sponsor uses CMBS to cash out refinance and reduces its community bank loan interest rate.
A sponsor uses CMBS to cash out refinance and reduces its community bank loan interest rate.
First Mortgage
Conduit Loan
ASKD Capital arranged a $3.9 million CMBS conduit loan for the refinance of a Class B multi-tenant mixed use building located in Queens, NY. The 8,500 sq. ft. Property is a five-story retail and office building, leased by two retail and six office tenants and is 98% occupied. The Property underwent a vertical expansion in 2016 to expand office space and added multiple stories.
The Property performed well during the COVID-19 Pandemic. Despite losing one major tenant, a replacement tenant was quickly secured. The central Queens submarket vacancy is very tight and stabilized occupancy is 97%.
The Sponsor is a repeat client that wanted to improve their interest rate and return some equity to its investors. The CMBS conduit loan provided by a REIT features a 10-year term, 30- year amortization, and is non-recourse.
