Arrow Real Estate Advisors, a leading real estate finance advisory firm, arranged an $8,051,000 non-recourse acquisition loan on behalf of TARGO Capital Partners for the purchase and renovation of 111 Reade St., a mixed-use property located in Tribeca. Arrow founder and managing partner Morris Betesh, director Brandon Serota and SVP Morris Dabbah completed the financing.

The financing, provided by Emerald Creek Capital, supported TARGO’s $9.7-million acquisition of the asset and was structured as a 70% loan-to-cost, short-term bridge loan with favorable pricing terms. The transaction reflects the ongoing strength of the boutique rental markets in downtown Manhattan, and the confidence capital providers have in experienced sponsors, according to Arrow.

The property features four full-floor loft-style rental units above ground-floor retail, offering significant value-add potential. TARGO plans to renovate all four residential units, replicating a business plan they recently and successfully executed on a similar property in the immediate area.