$8,000,000 First Mortgage Loan
Altman Warwick arranged an $8,000,000 first mortgage loan for the 40,000 sf, two story building loacated on East Fordham Road in the Bronx. The non-recourse loan features a 10 year fixed rate at a 60% LTV. The loan was priced at an exceptionally competitive 200 basis point spread over swaps. The New York State Department of Motor Vehicles is the building’s sole tenant. Despite the fact that the DMV lease expires during the term of the loan, the loan was negotiated without any reserves, springing guarantees, cash flow sweeps or other loan structures.