48
NEW YORK CITY — Ariel Property Advisors has arranged a $10.2 million acquisition loan for a four-unit apartment building in Manhattan’s Flatiron District. The address of the 8,900-square-foot building was not disclosed. Ben Schlegel and Paul McCormick of Ariel Property Advisors arranged the nonrecourse loan, which was structured with an interest rate that is equivalent to 5.5 percent above the 30-day average SOFR rate and a 75 percent loan-to-cost ratio. The borrower and direct lender were also not disclosed.