iCap's Chinatown deal.iCap Realty Advisors of NY has arranged a $10 million permanent loan secured by a newly constructed 3-story commercial building located in the heart of Chinatown at the foot of the Manhattan Bridge The Manhattan Bridge is a suspension bridge that crosses the East River in New York City, connecting Lower Manhattan (at Canal Street) with Brooklyn (at Flatbush Avenue Extension). . The site had been improved with a jewelry exchange building which was razed raze also rase tr.v. razed also rased, raz·ing also ras·ing, raz·es also ras·es 1. To level to the ground; demolish. See Synonyms at ruin. 2. To scrape or shave off. 3. in 2005 to make way for the subject property. The new structure contains a total of approximately 20,000 s/f of above-grade, high-end, commercial space. The borrower looked to iCap NY to secure a long-term permanent loan while the property was nearing completion. iCap successfully negotiated a 10-year fixed-rate loan Fixed-rate loan A loan whose rate is fixed for the life of the loan. with a coupon rate Coupon rate In bonds, notes, or other fixed income securities, the stated percentage rate of interest, usually paid twice a year. of 5.5% which was priced at 95 basis points over the prevailing 10-year T-Bill. No reserves were collected for the entire term of the loan. Harry Woods, Jeanne Cronin and Tom Halligan represented the borrower in this transaction. |
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