Midtown Manhattan, NY — $9,350,000 Mixed-Use Refinance
A $9,350,000 refinance secured at a 5.5% fixed rate on a single-tenant mixed-use building in Midtown Manhattan.
$9,350,000
Loan Amount:
LTV %:
50%
Midtown Manhattan
City:
Mixed-Use Building (Single-Tenant Net-Lease)
Property Type:
Refinance
Transaction Type:
An investor owned a mixed-use building in Midtown Manhattan where 100% of the cash flow was tied to a single tenant lease — the kind of concentration risk that makes conventional banks hesitate.
Bank underwriters worried about a sudden vacancy and responded with conservative underwriting: tighter proceeds and higher rates.
Essencap evaluated the asset on its prime location and value rather than treating tenant concentration as disqualifying, canvassing multiple competitive capital sources to structure full proceeds with long-term security.
Essencap secured $9,350,000 in refinancing at a 5.5% fixed rate.
Related Case Studies
