CKRP Closes $8.325MM CMBS Refinance Loan for Two West Village Retail Condominiums

CKRP has closed an equity recapitalization and $8.325 million CMBS refinance loan for two retail condominiums in Manhattan’s West Village at the corner of 14th Street and 8th Avenue. The 10-year fixed-rate loan features interest-only payments for the entire term. The new financing replaces a 3-year interim bridge loan sourced by CKRP for the owner in 2016 that provided necessary time and capital to re-lease a large vacant space. “This closing represents the culmination of a three year process to lease, stabilize and refinance this property, which is in a world-class location” said Chris Kinder, Managing Principal of CK Realty Partners. “The collateral is now 100% leased to high quality tenants. This milestone is a testament to all parties involved including the owners, leasing agent, and lenders who committed to seeing this through to a successful outcome. We are very pleased with the final result.”