Michael Korine, Managing Director of the Finance & Capital Markets Group at Berko & Associates, successfully procured permanent financing for two adjacent buildings in Central Harlem. The properties, 440-446 St. Nicholas Ave, total 29,000 SF and contain 40 residential units with numerous upgrades to the mechanicals and common areas. The Capital Markets Group sourced conventional financing for a 7-year term at 3.35% fixed and a 75% LTV, very strong terms in a recently chaotic market.
Korine said of the transaction, “This financing involved a very solid asset that was negatively impacted by a variety of external issues outside the property and beyond the control of the owner. With diligent cooperation from our lender and hard work involving HPD and DOB, we were able to overcome these obstacles to achieve positive results for our client.”