StackSource arranged a $5 million loan refinance for a retail building with vacant apartments above. The property is situated in a vibrant part of Harlem in Manhattan which continues to experience rent growth.
StackSource’s VP of Business Development, Beth Mercante, was able to help the owner refinance the existing note at a 3.5% interest only rate for 3 years while the owner works on plans for the upper floors and air rights. The note converts to a perm loan and can be resized at that that time to accommodate any increased value. As in any NYC property there were issues with liens and other property condition issues that needed to be cleared up which was negotiated by Beth Mercante.