HKS Arranges $12.5 Million Refinance for Brooklyn Self-Storage Facility
Carl Gaines May 11, 2012, 1:52 p.m.
The Mortgage Observer has learned exclusively that HKS Capital Partners has secured a $12.5 million, non-recourse loan from Archetype Mortgage Capital for the refinance of a Brooklyn self-storage facility. The facility is 200,000-square-feet and located in the Clinton Hill neighborhood.
The loan-to-value ratio on Archetype Mortgage Capital’s loan was 65 percent. It replaces maturing CMBS debt on the facility.
“We’re seeing a ton of CMBS maturities,” said Ayush Kapahi, a partner at HKS. “A lot of things are very time sensitive. Now that the market is coming back slightly, there are partners and partnerships that are beginning to either buy each other out or take on positions, and so execution is vital in this marketplace. And with the CMBS world, where there is really no one to talk to per se, you have to pay off by that time.”
This refinancing closed in 32 days, according to Mr. Kapahi, who explained that it came in on a Friday morning, was cut by him on a Sunday and signed up Monday.
Mr. Kapahi declined to name the borrower.