HYBRID CAPITAL ARRANGES FINANCING FOR A $3.3 MILLION ACQUISITION
OF A MULTIFAMILY PROPERTY ON UPPER WEST SIDE
Strong Market for Multifamily Continues to Attract Investment Capital
April 18, 2014 – New York – Hybrid Capital, a New York-based full-service commercial mortgage and advisory firm, arranged financing for a $3.3 million acquisition of a 14-unit, five-story multifamily property at 321 West 89th Street on Manhattan’s Upper West Side. The announcement was made by Bobby Bakhchi, CEO of Hybrid Capital.
According to Mr. Bakhchi, “The challenge was working to meet the investor’s tight time frame for closing, as the purchase agreement contained a TOE provision. Additionally, there are four SRO units that comprise one of the floors, as well as some vacancy at the property. We closed the loan within 30 days of the time we were retained, and enabled the investor to secure the most efficient source of capital. Market fundamentals are still strong for well-located multifamily properties, particularly in Manhattan.” The 3-year loan was arranged with a local bank at a rate in the mid 3% range on behalf of a private investor.
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.