Betesh of Massey Knakal Capital Services closes $3.2 million loan

Massey Knakal Capital Services has closed a loan for a mixed-use commercial property located within close proximity to Grand Central Terminal. The $3.2 million non-recourse loan was fixed for five years at 3.5%. "The loan featured a loan-to-value ratio of 70.0% and a very competitive rate. When we initially underwrote the loan for our client, we projected maximum loan proceeds of $3.15 million and a rate of 4% for five years. We received over 10 quotes for the transaction with the majority of them landing at or above 4%. Through our bidding process, we identified a lender who was interested in the long term relationship with a premier owner and was able to differentiate themselves from the competition." said director Morris Betesh who exclusively handled this transaction. Massey Knakal Capital Services provides unparalleled market knowledge with deep lender relationships that delivers the most creative financing strategies to meet client needs. MKCS specializes in a variety of debt and equity based real estate financing including fixed rate loans, floating rate loans, construction loans, mezzanine loans and bridge loans.