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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.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Oct 11, 2000
Words:105
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