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NEW YORK CITY-Mountbatten Equities LP has acquired a $38-million on-book, flexible fixed-rate loan to refinance the company's 107-unit rental condo, the Printing House.

The deal was a seven-year fixed-rate loan, meant to provide Mountbatten with added flexibility should the owner choose to sell some units over the following years, says, David Cohen, regional director Northeast for GE Real Estate's North America Lending Division. Despite lenders recent skittishness around condo projects, GE had no problem offering Mountbatten this loan, seeing the property as more an apartment structure than condo. "The borrowers intent is really to operate as a rental," Cohen tells GlobeSt.com. "There wasn't any hesitation on the project." The building converted from an office loft to condo apartments in 1979.

Mountbatten's loan is part of GE's recent flexible fixed-rate financing program. In the past year, "We've ramped up 120%," Cohen says. "it's a very very unique program that our borrowers have become very receptive to." The plan offers a range of benefits that can be ideal for non-traditional transactions. Benefits include prepayment flexibility, full interest only for up to five years, locked in rate for seven years and a capital expenditures reserve that could be used by the borrower to make property improvements.