The Capital Services Group of Ariel Property Advisors recently closed three loans from private lenders totaling more than $17 million to finance condominium construction projects in Brooklyn and Queens. An Ariel team led by senior director Matthew Dzbanek and director Nicholas Campoli arranged the loans on behalf of the developers.
The loans included the following:
- A $6.85-million non-recourse condo construction loan at 75% LTC to finance an eight-unit development in Long Island City.
- A $5.5-million two-year, full-term interest only, non-recourse loan to finance a 24-unit condo conversion in Richmond Hill. The terms included a rate of SOFR+5.25% and 75% LTC.
- A $4.7-million condo construction loan to finance a four-unit development in Williamsburg.
“Condo construction is on fire in New York City right now, especially for projects producing affordable units,” Dzbanek said. “We’ve been running a very competitive process for condo conversion developments, ultimately delivering over 10 viable quotes for clients to consider.”
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