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Mountbatten Receives $38M for Rental Condos

NEW YORK CITY-GE Real Estate provides the on-book, fixed-rate loan in order to refinance the Printing House in West Greenwich Village. The loan is part of GE's new unique loan option that is gaining interest in the Northeast.

By Katie Hinderer | Updated on October 26, 2006

(To read more on the multifamily market, click here.)

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.

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