Chase CTL Refinances Manhattan and Queens Portfolio to Fund Acquisition
Damian Ghigliotty Aug. 15, 2014, 2:30 p.m.
Chase Commercial Term Lending’s Northeast team, led by Chad Tredway, provided $25 million in financing to New York-based Ventura Land Corp. for nine multifamily and mixed-use properties in Upper Manhattan and Queens, Mortgage Observer has exclusively learned.
The 30-year loan carries a five-year fixed interest rate, which then converts to a floating rate for the remainder of the loan’s term, according to Mr. Tredway. “This five-year hybrid is one of the most common and flexible products the group offers,” he said.
Chase Bank Vice President and Senior Loan Consultant Peter Dooley originated the debt, which features a low 3 percent interest rate, low LTV and five-years of interest only payments.
The borrower refinanced the portfolio in order to purchase another property in Upper Manhattan. Mr. Dooley handled both the portfolio refinance and purchase transactions.
The portfolio’s properties are primarily located in Upper Manhattan, including a rental building at 3157-61 Broadway and a rental building at 654 West 161st Street. One of the properties is located at 109-15 37th Avenue in Flushing, Queens.
“Working with Peter is a pleasure,” said Ventura Land’s president, Joe Sbiroli. “I know my deal will be done right with his exceptional service, local market expertise, and a straightforward approach.”
Ventura Land Corp. is an owner and manager of New York City multifamily and mixed-use developments with “1,000 prime units under management,” according to the borrower.
Correction: Mortgage Observer previously misidentified 3157-61 Broadway as 315 Broadway. We regret the error.