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Articles in the Finance & Accounting Category

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[17 Jul 2014 | No Comment | ]

At a recent Metropolitan New York Chapter of the Appraisal Institute luncheon, Peter Rastetter, senior vice president, Metropolitan Valuation Services, was awarded an MAI designation from the Appraisal Institute, a global organization of professional real estate appraisers and world leader in the profession. Rastetter joins a select group of top real estate appraisers who have completed the rigorous requirements of the MAI designation. These include extensive course work, exams and at least 4,500 hours of specialized experience. According to Steven Schleider, president of Metropolitan Valuation Services, “Peter has shown a …

Finance & Accounting »

[16 Jul 2014 | No Comment | ]

HFF arranged $51.5 million in financing for Vermella Lyndhurst, a 296-unit, Class A multi-housing community in Lyndhurst, NJ.
HFF worked on behalf of the borrower, Russo Development, to secure the fixed-rate loan through a life insurance company. Proceeds will replace existing construction debt and provide long-term permanent financing.
The HFF team representing the borrower was led by senior managing director Thomas Didio and associate director Michael Lachs.
“HFF is very pleased to have assisted Russo Development in securing financing for this Class A multi-housing property,” stated Didio. “This property is by far the …

Finance & Accounting »

[16 Jul 2014 | No Comment | ]

Meridian Capital Group negotiated a $66 million loan for the purchase of the St. Moritz Apartments multifamily property in Edgewater, NJ, on behalf of a fund managed by Cornerstone Real Estate Advisers LLC.
The seven-year loan, provided by the NYS Teachers’ Retirement System, features a fixed-rate and interest-only payments for the full-term.
The transaction was negotiated by senior managing director Abe Hirsch, managing director Zev Karpel and vice president Jacob Schmuckler.
St. Moritz Apartments, which was built in 2005 by Fred Daibes, is a 26-story luxury multifamily community totaling 224 units that is …

Deals & Dealmakers, Finance & Accounting »

[16 Jul 2014 | No Comment | ]

GFI Insurance Brokerage, one of the nation’s fastest growing insurance firms, has opened a new office in Borough Park, Brooklyn.
Brian Gross, CEO of GFI Insurance, said the new office will initially be staffed by 10 brokers with plans to expand tto serve the company’s growing client base.
“GFI Capital’s 30-year history as a diversified real estate company, and GFI Insurance’s track record since its formation in 2003, provides us with a firm understanding of the major role that insurance plays in real estate strategy. As such, we have developed a platform …

Deals & Dealmakers, Finance & Accounting »

[16 Jul 2014 | No Comment | ]

Manhattan-based First Nationwide Title Agency (FNTA) is expanding both its New York City headquarters and its satellite offices on Long Island.
The agency is expanding to 6,465 s/f at 220 East 42nd Street (aka the News Building), to occupy premises nearly twice the size of its existing office space. Move-in date is set for the end of the year following build-out.
And at 50 Charles Lindbergh Boulevard, in Uniondale, FNTA will double in size to 7,000 s/f on two floors.
“Our growth has been literally meteoric,” said Steve Napolitano who noted that since …

Finance & Accounting »

[16 Jul 2014 | No Comment | ]

By Stuart Eisenberg, partner and Real Estate practice leader BDO USA, LLP
The BDO RiskFactor Report for REITs is an annual study that examines the most recent SEC 10-K filings for the 100 largest publicly traded REITs in the U.S.
The 2014 study finds that concerns over competition for lessees and prime real estate continues to be ranked as the third most cited risk factor for a second consecutive year, cited by 94 percent of REITs. Competition to attract strong lessees continues to be paramount across a number of real estate sectors, …

Featured, Finance & Accounting »

[2 Jul 2014 | No Comment | ]
Finance taking tech route in crowded field

Trying to grow in the increasingly competitive mortgage brokerage business, Eastern Union is relying on unconventional methods.

The company is launching an online platform to better match lenders and borrowers, CEO Ira Zlotowitz told Real Estate Weekly.

The move comes mere weeks after Eastern Union announced it would cap its fees at $250,000 for single deals.

Finance & Accounting »

[2 Jul 2014 | No Comment | ]

By Izzy Green,
president & CEO, Evergreen Insurance & Risk Management
As a busy building owner, I’m sure you’re more concerned about filling up your next apartment, closing your next deal, and getting your building refinanced than you are about notifying your insurance broker with changes to your building.
There are a few very important changes to your building that you should notify your insurance broker about immediately.
Vacancies
If the occupancy of your building dropped below 75%, you should notify your broker right away. Most insurance companies that insure occupied buildings require the …

Finance & Accounting »

[2 Jul 2014 | No Comment | ]

Greystone, a national provider of multifamily and healthcare mortgage loans, provided a $32,616,000 HUD loan to refinance a 480-bed skilled nursing facility in Bronx, NY.
The transaction was originated by Fred Levine, a senior mortgage originator at the firm.
The $33 million in FHA financing was provided for Bay Park Center for Nursing and Rehabilitation, a nursing home and rehabilitation center located on Co-op City Boulevard.
Greystone previously provided financing for 801 Co-op City Blvd’s acquisition of the facility with a bridge loan in 2008 and permanent HUD loan in 2009, now refinanced with …

Finance & Accounting »

[2 Jul 2014 | No Comment | ]

Richard Bassuk, president of The Bassuk Organization, Inc. and chief executive officer of Greystone Bassuk Group, announced the completion of a program to refinance nine Maxx Properties (Maxx) with refinancing proceeds aggregating $140 million.
Bassuk stated that in 2012 Maxx asked TBO to analyze its portfolio and suggest various refinancing and enhancement strategies.
With respect to Maxx’s Denver portfolio, TBO advised Maxx to undertake a renovation program and refinance existing mortgages with HUD on the basis of the enhanced rents resulting from the renovations.
Despite the prepayment penalties under the terms of existing …

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