$44,000,000 First Mortgage Loan
Altman-Warwick arranged a 10 year fixed-rate loan secured by a 137,984 sf retail center located in Whitestone, N.Y. The property is anchored by National Amusements, Toys ‘R’ Us, and Office Depot, all of which are top performing stores in their respective chains.
In spite of the special purpose nature of the property and the heavy tenant rollover, Altman Warwick arranged the full-leveraged loan without any reserves or structure. According to Richard Seiler, COO of Triangle Equities, the owner of the property “Altman Warwick found us the perfect lender who, due to their physical proximity to the property and their local knowledge, they were able to offer terms that were significantly superior to the rest of the market”.