Press Release
HYBRID CAPITAL ARRANGES $8.5 MILLION FINANCING
FOR SUNSET PARK RESIDENTIAL BUILDINGS
Opportunities Extend Further into Borough as Strong Demand for Brooklyn Multifamily Continues to Attract investors and Lenders
March 12, 2014 – New York – Hybrid Capital, a New York-based full-service commercial mortgage and advisory firm, arranged $8.5 million in permanent financing for two attached four-story residential buildings in the Sunset Park neighborhood of Brooklyn. The announcement was made by Bobby Bakhchi, CEO of Hybrid Capital.
Constructed in 1917, the 100% occupied buildings contain 80 residential units. According to Mr. Bakhchi, “The property was financed approximately two years ago, however the owner wanted to capitalize on the opportunity to refinance at the current lower interest rates. We positioned the property as having long-term upside potential through capital improvements to the stabilized units as they become vacant, to bring the rents up to market rates. Opportunities are extending further out into Brooklyn as strong demand for multifamily continues to attract interest from investors and capital sources.” The 12-year loan was arranged at 3.6% 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.