MMCC Brokers Two Take Out Refis for Manhattan Multifamily Buildings
J.P. Morgan Chase Bank provided $14.7 million on a Hell’s Kitchen residential property and $9.5 million to a nearby mixed-use property, both cash out refinancings, Mortgage Observer has first learned.
The owner, Emmut Properties, a Manhattan owner and developer, was pulling out equity from buildings with maturing loans in order to acquire additional properties, according to Steven Rock of Marcus & Millichap Capital Corporation, which brokered the loans.
“He was seeking more attractive terms,” said Mr. Rock of the owner. “We were able to give him very favorable underwriting.” Capital One made the previous loan on the mixed-use property, at 626 10th Avenue, city records show. New York Community Bank originated the existing loan at 407 West 51st Street.
The 10th Avenue space is home to restaurant 44&X, a neighborhood highlight.
Both loans had seven-year terms and fixed rates of 3.9 percent. The loans amortize over 30 years and have LTVs of 70 percent.
Emmut is in acquisition mode in Manhattan, said Chris Marks, also of MMCC, who handled the transaction with Mr. Rock.
No one authorized to speak on the company’s behalf was immediately available at Emmut Properties. A representative for J.P. Morgan Chase did not immediately respond to requests for comment.