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Finance & Accounting »

[16 Apr 2014 | No Comment | ]

CBRE Capital Markets’ Debt & Structured Finance team secured $111 million in senior financing and a $30 million mezzanine loan for The Plaza Buildings, two Class A office buildings totaling 489,647 s/f in Bellevue, Washington.
CBRE worked on behalf of KBS Capital Advisors to secure the senior floating rate loan from Wells Fargo and the mezzanine loan from Principal Capital Management.
The loans were arranged to provide acquisition financing for the project and are both three-year initial term loans with two, one-year extension options.
CBRE’s Val Achtemeier arranged both loans on behalf of …

Featured, Finance & Accounting »

[15 Apr 2014 | No Comment | ]
Schorsch goes public with city-centric REIT

Nicholas Schorsch’s American Realty Capital (ARC), long known for its many non-traded REITs, seems to have discovered a liking for the stock market.
Yesterday, ARC’s formerly non-traded New York Recovery REIT listed on the New York Stock Exchange, making it the first publicly traded REIT focused exclusively on New York City.
Shares of the REIT, which has invested more than $2 billion in office and retail space since 2010, began trading at $10.70. A week earlier, ARC’s American Realty Capital Healthcare Trust, which owns around $2 billion worth of healthcare-related real estate across the U.S., had begun trading on the NASDAQ exchange.

Finance & Accounting »

[11 Apr 2014 | No Comment | ]

Meridian Capital announced the following transactions:
• A new mortgage of $10,300,000 was placed on a six-story, 84-unit multifamily property on Roosevelt Avenue in Flushing, NY. The loan features a rate of 3.00% and a five-year term. This transaction was negotiated by Israel Schubert and Michael Farkovits.
• A new mortgage in the amount of $5,900,000 on a six-story, 93-unit multifamily property located on Grand Avenue in the Bronx, NY The loan features a rate of 3.25% and a five-year term. Scott Assouline and Jacob Nefoussi negotiated this transaction.
• A new mortgage …

Finance & Accounting »

[10 Apr 2014 | No Comment | ]

Carlton Group Chairman Howard L. Michaels announced the closing of a $172 million multi-family and hotel preferred equity recapitalization for a major property owner whose portfolio had a concentration of assets located in the Southeast.
The 2,129 unit multifamily portfolio was located in Florida, Georgia and Illinois and produced a generous cash flow, but had a low debt yield given the 90% loan to value financing which Carlton was able to craft.
In addition, the collateral included the Edgewater Hotel in South Beach, which is one of South Beach’s most successful boutique …

Finance & Accounting »

[10 Apr 2014 | No Comment | ]

National Cooperative Bank (NCB) originated nearly $50 million in new loans during March for 15 New York area properties.
Edward Howe III, Managing Director of the NCB New York office, said, “We’ve experienced a significant jump in financing activity during March, which can be attributed to upcoming capital improvement projects scheduled for the approaching summer months, and the still-low interest rate environment.”
Leading the charge in March was Mr. Howe, who arranged nearly $36 million in new financing activity, including the largest loan of the month, a $21.5 million first …

Finance & Accounting »

[10 Apr 2014 | No Comment | ]

Marcus & Millichap Capital Corp. arranged two loans totaling $14.15 million. A New York City property was refinanced for $7.15 million, while an acquisition in Coral Gables, Fla. was funded by $7 million in financing. Jerry Kray, a senior originator in the firm’s Manhattan office, handled both assignments.
The New York City property is a six-story, modern mixed-use building, and features apartments over ground floor retail.
“The borrower wanted to take advantage of a discounted payoff opportunity with the existing lender,” says Kray. “The property was stabilized less than a …

Finance & Accounting »

[10 Apr 2014 | No Comment | ]

Richard Bassuk, president of The Bassuk Organization, announced the closing of a $73,500,000 permanent loan for Chelsea Tower, a 33-story, 228-unit luxury apartment building located on the west side of Avenue of the Americas at 100 West 26th Street.
The building also contains approximately 16,000 square feet of retail space and a parking garage.
The terms included 20-year permanent financing, with 35-year amortization, for S&P/DM 26 Development, LLC, a limited liability company comprised of members of the Steinberg & Pokoik families and The DeMatteis Organizations. Financing was provided by Teachers …

Deals & Dealmakers, Featured, Finance & Accounting »

[10 Apr 2014 | No Comment | ]
Harbor Group borrows $105M for 55 Broadway buy

CBRE Group, Inc.’s Debt & Structured Finance team—part of the company’s Capital Markets group—has completed a seven-year, $105 million loan for the acquisition of 55 Broadway, Manhattan, on behalf of an affiliate of the Harbor Group International, LLC (HGI).

The loan was facilitated by Shawn Rosenthal, executive vice president, CBRE Debt & Structured Finance. The HGI affiliate acquired the 358,637 s/f office property from an affiliate of Broad Street Development for a purchase price of $157 million.

Deals & Dealmakers, Finance & Accounting »

[9 Apr 2014 | No Comment | ]

Madison Realty Capital (MRC), an institutionally backed real estate private equity firm and asset manager focused on real estate equity and debt investments in the middle markets, announced its purchase of a portfolio of 3 defaulted loans from a local New York lender.
The aggregate principal balance of the purchased loans, secured by three different multifamily and mixed-use properties, was approximately $17 million.
Josh Zegen, co-founder and managing member of MRC, made the announcement.
“We continue to see lenders pruning their portfolios to clean up their balance sheets and maximize their capital,” Zegen …

Construction & Design, Deals & Dealmakers, Finance & Accounting »

[9 Apr 2014 | No Comment | ]

MNS Investment Sales and Advisory, a division of MNS Real Estate, has arranged the sale of two properties in Sheepshead Bay totaling $39.5 million.
The properties, located at 1125 Banner Avenue and 2750 East 12th Street, include 102 newly constructed rental units and 70 parking spaces.
The Hudson Companies, Inc., in partnership with the New York City Pension Funds, purchased these properties through its Sandy Rebuilding Fund.
Five of New York City’s largest pension funds invested $500 million into redeveloping commercial and residential property areas affected by the storm.
Hudson Companies will manage the …

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