HYBRID CAPITAL ARRANGES $7.5 MILLION FINANCING
FOR AFFORDABLE HOUSING BUILDING IN MT. VERNON, NY
Opportunity in Affordable Housing Sector Continues to Attract Lenders
April 2, 2014 – New York – Hybrid Capital, a New York-based full-service commercial mortgage and advisory firm, arranged $7.5 million in permanent financing for a 100-unit, six-story affordable housing property in Mt. Vernon, New York. The announcement was made by Bobby Bakhchi, CEO of Hybrid Capital.
According to Mr. Bakhchi, “The borrower was paying a higher rate and wanted to capitalize on the current lower interest rates. He was under a time constraint to close within 30 days, otherwise triggering a reset of the prepayment penalty. We arranged a loan lowering his interest rate by 200 basis points, and closed the deal within 30 days from the time we were retained. The lender was impressed with the borrower’s experience as an affordable housing operator, and the stable cash flow of the 100% occupied building, which is under a HAP (Housing Assistance Payments) contact. The abundance of lower-cost capital makes this an excellent time for the affordable housing sector.” The 7-year fixed-rate loan was arranged with an agency lender on behalf of a private owner.
Over the past three years, Hybrid Capital has arranged financing for transactions valued in excess of $1.5 billion.
About Hybrid Capital
Hybrid Capital (Hybrid) is a full service commercial mortgage brokerage and real estate capital advisory firm representing clients nationwide in the course of acquisitions, recapitalizations and construction/development projects. The firm has a track record of success in securing financing for all property types including multifamily, retail, industrial, hotel and mixed-use properties.
Hybrid creates value for its clients by delivering optimal rates and terms for even the most complex transactions through a multi-disciplined, research-driven understanding of the asset, and a depth of relationships with the full spectrum of commercial real estate lenders, including domestic and foreign banks, investment banks, pension funds, REITs, insurance companies, opportunity funds, hedge funds, and private lenders. Hybrid is one of the fastest growing real estate capital advisory firms, providing service for debt and equity placements, mezzanine debt and preferred equity.