FULTON CONVERSION FINANCED

By LOIS WEISS

AFC Realty Capital arranged financing for the acquisition and development of a condominium conversion project located at 127 Fulton Street. Financing for the sponsor, 127 Fulton Street LLP, included a $15M loan for property acquisition and construction; a $2M letter of credit; and a $6.8M construction surety.

Paul Fried principal of AFC Realty said, "By arranging multiple forms of capital, AFC realty was able to secure a full loan, which in turn reduced the sponsor’s cash equity in the 'for sale' residential project, while maintaining the interest rate of the debt in the attractive mid-7% range."

Built in 1892, 127 Fulton Street was designed by renowned architects Theodore W.E. De Lemos and August W. Cordes and was once known as the Keuffel & Esser Building. The residential plans include eight full-floor luxury residences and ground-floor retail space.