Saul M. Kobel.
Michael V. Coratolo & Associates, Inc., represented by Saul M.
Kobel, AVP, has arranged a $1,750,000 purchase money "step-up
loan" for a five-story walkup apartment building located on Second
Ave. and E. 15th St. in Manhattan. 4 of 15 apartments and one retail
store are delivered vacant to the buyers. The bank funded the initial
purchase money first mortgage of $1,500,000 and will advance an
additional $250,000 upon renovation and rental of the vacant spaces. The
loan was placed with a Brooklyn-based bank at 7.875% interest fixed for
7 years with 5 five-year options at PAR, no rollover fees, non-recourse.