Chase CTL Finances Kips Bay Multifamily Acquisition from Pan Am Equities
Damian Ghigliotty Sept. 11, 2014, 10:32 a.m.
Chase Commercial Term Lending provided a $15 million loan for the acquisition of a multifamily rental property at 153-155 East 32nd Street in Kips Bay, Mortgage Observer has exclusively learned.
The seven-year hybrid loan to Bronx-based Sacchetti Realty Corporation carries an interest rate in the mid-3 percent range with a loan-to-value ratio of 44 percent, according to the lender.
Chase CTL East Area Manager Chad Tredway, Regional Sales Manager Judy Guarino and Client Manager Michael Bivona led the transaction. Michael Tuck of Tuck Capital Associates brokered the deal.
“Michael Bivona provided personalized service from the start to the finish,” said private real estate investor Michael Sacchetti. “The bank was ready to close in less than 36 days.”
Sacchetti Realty acquired the property from Pan Am Equities, run by the New York-based Manocherian family, for $43.7 million in late August with plans to operate the property as it is, one person familiar with the negotiations said. Chase, Mr. Sacchetti and Mr. Tuck declined to name the seller.
The borrower had conflicting timing constraints as it went to contract on the acquisition due to both parties’ 1031-exchange deadlines, Mr. Tuck said. (A 1031 exchange allows an investor to defer capital gains taxes if profits from a sale are used to buy another similar asset within 180 days).
“After obtaining several very competitive financing quotes it was apparent that Chase had an immediate understanding of the issues and our past experience with them gave everyone the confidence they would timely deliver,” said Mr. Tuck. “In all respects it was a smooth transaction with constant communication between Chase and our office.”