The Capital Services Group at Ariel Property Advisors has arranged an $11.8-million condominium inventory loan for a 20-unit newly constructed residential condo project in Upper Manhattan. An Ariel team led by senior director Matt Swerdlow, director Anthony Priest and senior associate David Khukashvilli arranged the financing on behalf of the borrower.
The 9.5% interest-only loan featured an 18-month term at 70% loan-to-value. The loan allowed the borrower to cash out at 20% above the bank construction loan, unlock funds and secure additional proceeds and reserves to complete the condo development, providing an 18-month runway to bring units to market and manage the sellout process with greater control.
“This was a situation that required both speed and precision in execution,” said Swerdlow. “By restructuring the capital stack and recalibrating the financing, we were able to position the asset for a successful sellout while giving the borrower the flexibility to execute on the timeline.”
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