Search
 

M&T Closes on $14M in Loans for Two NYC Apartment Buildings

NEW YORK CITY-Two Greenwich Village apartment buildings change hands here. The new owner, 11th Street Equities LLC, secures two mortgages, totaling $14 million, from New York-based M&T Bank.

By Diana M. Rodriguez | Updated on November 27, 2002

NEW YORK CITY-Showing the continued health of the multifamily industry here, two Greenwich Village apartment buildings have been sold to Time Equities Inc. subsidiary 11th Street Equities LLC. The new owner financed the purchase through two mortgages, totaling $14 million, secured from separate divisions of New York-based M&T Bank.

M&T’s Commercial Real Estate Department in New York City closed on the first mortgage loan, which consisted of an $8.85 million. M&T’s VP Jay Byrne oversaw the transaction. A $5.15 million second mortgage was closed by M&T’s Private Bank. Both loans have five-year terms. The purchase price of the properties has not been disclosed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.