The Commercial Observer has learned exclusively that Massey Knakal Capital Services has closed a $14 million loan secured by eight multifamily buildings in Williamsburg.
The firm couldn’t disclose the lender’s or borrower’s names, or the addresses of the buildings.
Morris Betesh, director at Massey Knakal Capital Services, worked on the deal—a cash out refinance.
“The challenge in this transaction, which was a cash-out refinance, was getting a lender to recognize the significant value that was created by a sponsor who had been working the asset over the last seven years of ownership,” Betesh explained in a prepared statement.
“We worked closely with our territory sales team members, who have a very good pulse and an up-to-date database on rental rates and market cap rates, to get the lender comfortable with today’s market value.”