Arrow Real Estate Advisors Arranges $8M Acquisition Loan for Tribeca Mixed-Use Property
Arrow Real Estate Advisors has successfully arranged an $8,051,000 non-recourse acquisition loan for TARGO Capital Partners to support the purchase and renovation of 111 Reade Street, a mixed-use property located in the heart of Tribeca. The financing was executed by Arrow’s founder and managing partner Morris Betesh, director Brandon Serota, and senior vice president Morris Dabbah.
The loan, provided by Emerald Creek Capital, financed TARGO’s $9.7 million acquisition of the property. Structured as a 70% loan-to-cost, short-term bridge loan, the financing comes with favorable pricing terms. According to Arrow, the transaction highlights the resilience of boutique rental markets in downtown Manhattan and affirms the confidence capital providers place in experienced real estate sponsors.
The property comprises four full-floor, loft-style rental units situated above ground-floor retail space. TARGO Capital Partners plans to renovate all four residential units, following a value-add strategy they recently implemented successfully at a similar nearby asset.
