Derby Copeland Capital Closes $3.25M Acquisition Loan for Mixed-Use Property in Hell's Kitchen
Derby Copeland Capital has closed a $3.25M acquisition loan for a mixed-use property in Hell's Kitchen, Manhattan.
Derby Copeland Capital has closed a $3.25M acquisition loan for a mixed-use property located at 670 Ninth Avenue in Hell’s Kitchen, Manhattan. The property has eight residential units, of which 75% are free market, and one retail unit. The loan was facilitated by brokers Shamir Seidman, Jonathan Kimiabakhsh & Daniel Neiss of Meridian Capital Group.
The property, which spans 8,010 square feet, is located in a prime location in Hell’s Kitchen, a neighborhood known for its vibrant nightlife and proximity to major transportation hubs. The building was constructed in 1920 and has been well-maintained over the years.
The buyer of the property has not been disclosed, but the seller is known to be a local real estate investor. The property was listed for sale in late 2021 and attracted multiple offers before ultimately being sold to the current buyer.
The loan from Derby Copeland Capital is a first-priority mortgage loan, meaning that it has priority over any other liens or claims on the property. The loan will be used to finance the acquisition of the property by the buyer.
Shamir Seidman, Jonathan Kimiabakhsh & Daniel Neiss of Meridian Capital Group were the brokers who facilitated the loan. Meridian Capital Group is a leading commercial real estate finance advisory firm with offices in New York, New Jersey, Maryland, Illinois, Florida, and California.
Overall, the acquisition of this mixed-use property in Hell’s Kitchen is a promising investment opportunity for the buyer. The property’s prime location, well-maintained condition, and potential for rental income make it a valuable asset in the competitive New York City real estate market.