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NEW YORK CITY-MacArthur Properties has won a $52-million fixed-rate refinancing for a portfolio of seven retail properties here. The portfolio--six properties are in Manhattan and one is in Queens--are condominium interests totaling 68,431 sf. They consist of grade-level retail with some second-floor office space.
GMACCM vice president Irwin Boris, of the New York loan origination team, arranged the transaction through the company's Proprietary Lending Group. The properties are located at 135 East 54th St., 233 East 69th St., 301 East 69th St., 233 East 70th St., 305 East 72nd St. and 205 East 78th St. in Manhattan. The Queens property is at 25-10 Queens Blvd.
According to Boris, the firm provided a 15-year, fixed-rate loan and "offered better terms than our competitors." He says MacArthur was referred by its counsel who had worked with other clients who had positive experiences with GMACCM. GMACCM has a servicing portfolio of more than $257 billion and provides a variety of financing products and services.
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