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[17 Sep 2014 | No Comment | ]

National Cooperative Bank originated $60.5 million in new loans during August for 22 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.
“In contrast to the activity during June and July, where the loan concentration was borough-specific, the financings in August were more evenly distributed across Manhattan, the outer boroughs, and Westchester,” said Mr. Howe.
“The Bank is proud to be a trusted source of financing for cooperatives in New York that are looking to take advantage of available financing options for their properties’ …

Finance & Accounting »

[17 Sep 2014 | No Comment | ]

Meridian Capital Group, LLC negotiated a $100 million mortgage for the purchase of the Rachel Gardens multifamily property located in Pine Brook, NJ on behalf of Cammeby’s International Group.
The 12-year Fannie Mae loan, provided by Capital One Multifamily Finance, features a competitive fixed-rate below 4 percent and interest-only payments for the first six years followed by a 30-year amortization schedule.
This transaction was negotiated by Meridian Capital Group Senior Managing Director, Abe Hirsch, Managing Director, Zev Karpel, and Vice President, Akiva Friend, who are all based in the Company’s New York …

Finance & Accounting »

[11 Sep 2014 | No Comment | ]

Meridian Capital Group, LLC,  negotiated a $100 million mortgage for the purchase of the Rachel Gardens multifamily property located in Pine Brook, NJ on behalf of Cammeby’s International Group.
The 12-year Fannie Mae loan, provided by Capital One Multifamily Finance, features a competitive fixed-rate below 4.00% and interest-only payments for the first six years followed by a 30-year amortization schedule.
This transaction was negotiated by Meridian Capital Group Senior Managing Director, Abe Hirsch, Managing Director, Zev Karpel, and Vice President, Akiva Friend, who are all based in the Company’s New York City …

Deals & Dealmakers, Featured, Finance & Accounting »

[10 Sep 2014 | No Comment | ]
Northmarq inks $192M construction loan for Mack-Cali ‘micro-towers’

Northmarq Capital’s New Jersey office negotiated a $192,000,000 construction to permanent loan on URL Harborside 1.

The project will be located at 200 Greene Street in the Harborside Financial District in Jersey City, New Jersey, and will consist of a 69 story apartment tower containing 763 units, 5,204 s/f of retail space and an eight-story parking garage containing 222 spaces.

The building will be one of the first in the market to introduce an emerging concept sustainable and space efficient units under the banner of URL® (Urban Ready Living®).)

Finance & Accounting »

[3 Sep 2014 | No Comment | ]

Carlton Chairman Howard L. Michaels announced the closing of a $240 million multi-tranched equity and debt capital stack to facilitate Michael Shvo, Davide Bizzi and Howard Lorber’s acquisition of 125 Greenwich Street in Manhattan’s Financial District.
This execution by Carlton included the coordination of six different capital sources in order to facilitate one of the biggest Manhattan land acquisitions of the year.
Included in the Carlton equity stack was one of the wealthiest individuals from India and a large Chinese investor.
Carlton also accessed a large Asian bank which provided a generous first …

Deals & Dealmakers, Finance & Accounting »

[27 Aug 2014 | No Comment | ]

New York City’s economy grew more than three percent in the second quarter because of robust job growth and higher personal income, New York City Comptroller Scott M. Stringer found in his quarterly update on the City’s vital economic stats released today.
The City’s Real Gross City Product (GCP) grew an estimated 3.1 percent and represented an estimated four percent of the nation’s total economic output.
“As the weather heated up, so did the City’s economy,” said Comptroller Stringer. “Across the board the City has outperformed previous quarters. While unemployment remains stuck …

Featured, Finance & Accounting »

[21 Aug 2014 | No Comment | ]
Good news, bad news  as cash buyers retreat

All-cash sales accounted for 37.9 percent of all sales of single family homes and condos nationwide in the second quarter, according to Data firm RealtyTrac’s Q2 2014 U.S. Institutional Investor & Cash Sales Report.

This share is down from a three-year high of 42.0 percent in the previous quarter but still up from 35.7 percent in a year ago.

“The flurry of purchases by institutional investors and other cash buyers that kicked off two years ago when U.S. home prices hit bottom is finally showing signs of subsiding,” said Daren Blomquist, RealtyTrac vice president, noting that median home prices bottomed out in March 2012.

Finance & Accounting »

[20 Aug 2014 | No Comment | ]

National Cooperative Bank (NCB), a lender to cooperative housing throughout the Tri-State area, originated $41.2 million in new loans during July for 23 New York area properties.
Manhattan continued to be the area with the most activity, with the bank arranging $26.8 million in financing for 14 co-ops.
Edward Howe III, managing director of the NCB New York office, commented, “The Bank continued to experience a steady stream of financing during July, especially in Manhattan, where the majority of the deals were completed.
“Many cooperatives are taking advantage of the still-low interest rates …

Finance & Accounting »

[20 Aug 2014 | No Comment | ]

Arbor Commercial Funding announced the funding of eight loans totaling $35,565,600 under a variety of financing products, including the Fannie Mae Delegated Underwriting & Servicing Loan, Fannie Mae DUS Small Loan, and Arbor Realty Trust Bridge product lines.
All of the loans were originated by Michael Zysman, director in Arbor’s New York City office.
“Multifamily investment activity is strong across the country, from tertiary to primary markets, and Arbor is uniquely positioned to provide superior financing for its borrowers through our nationwide lending platform,” Zysman said.
“Certainty of execution, competitive terms and a …

Finance & Accounting »

[20 Aug 2014 | No Comment | ]

Procida Funding & Advisors, LLC has announced that it has received unanimous approval and consent to convert its previously close-ended investment vehicle, the 100 Mile Fund, to an open-ended fund, among other amendments.
The 100 Mile Fund — which concentrates on real estate, particularly distressed and half-built construction, in the 100-mile vicinity of New York City — was scheduled to expire actively investing on December 31, 2014 and then begin liquidation.
The fund has totaled $170 million in transactions since its 2011 founding, $50 million of which has already been monetized.
Founder Billy …

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