NEW YORK CITY—An Upper West Side residential property that features several commercial units has secured an $85 million refinancing loan. Located at at 2030 Broadway, between West 69th and West 70th Streets, the building is owned by Ormonde Equities. The property is a 12-story,140,000-square-foot luxury building with 133 residential and eight commercial units.
Eastern Consolidated's capital advisory division arranged the financing, with managing director Jonathan Aghravi and associate director Charles Han representing the borrower, and secured the loan from a life insurance company.
A spokesperson for the broker tells GlobeSt.com that several factors regarding the building's existing mortgage prompted the refinancing. “The first mortgage was coming due; the loan is maturing April 10. By closing quickly we saved on interest since our rate was much lower than the existing mortgage.
Since acquiring the property in 2004, the sponsor has repositioned the property with major capital improvements.
“All parties involved worked diligently to ensure a smooth loan approval process in order to close within three weeks,”Aghravi says
The property is close to Lincoln Square as well as major retailers, restaurants, community centers and other amenities. Transportation is readably available via the 1, 2, 3, B, and C trains, which provide a quick commute to other parts of Manhattan.
Eastern Consolidated's capital advisory division arranged the financing, with managing director Jonathan Aghravi and associate director Charles Han representing the borrower, and secured the loan from a life insurance company.
A spokesperson for the broker tells GlobeSt.com that several factors regarding the building's existing mortgage prompted the refinancing. “The first mortgage was coming due; the loan is maturing April 10. By closing quickly we saved on interest since our rate was much lower than the existing mortgage.
Since acquiring the property in 2004, the sponsor has repositioned the property with major capital improvements.
“All parties involved worked diligently to ensure a smooth loan approval process in order to close within three weeks,”Aghravi says
The property is close to Lincoln Square as well as major retailers, restaurants, community centers and other amenities. Transportation is readably available via the 1, 2, 3, B, and C trains, which provide a quick commute to other parts of Manhattan.
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