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Finance & Accounting »

[20 Nov 2014 | No Comment | ]

Punctuating a flurry of outer-borough activity for Eastern Union Funding, one of the fastest growing national commercial real estate brokerage firms, the company arranged $4.55 million to refinance a multifamily property on Murray Street in Flushing.
Financing for 33-45 Murray Street was negotiated by Eastern’s Nate Hyman and David Metzger, who arranged a seven year loan with a 3.625 percent interest rate without recourse. The transaction was provided by Investors Bank, which is consistently ranked among the top  banks lending to the multifamily housing sector in the New York Metropolitan area.
With …

Finance & Accounting »

[19 Nov 2014 | No Comment | ]

HFF announced that it has arranged $85 million in financing for a mixed-use portfolio encompassing 19,409 s/f of retail and 82 residential rental units in New York’s Meatpacking District.
HFF worked exclusively on behalf of the borrower, a joint venture between Tavros Holdings LLC and Arel Capital, to secure the floating-rate loan through Blackstone Mortgage Trust. Loan proceeds were used to acquire the property.
In a separate transaction, HFF’s Eric Anton arranged the sale of the transaction while he was with Brookfield Financial.
The portfolio is situated on an 18,453 s/f lot at …

Finance & Accounting »

[13 Nov 2014 | No Comment | ]

Owners of a Williamsburg property completed last December have seized a ripening rental climate to close a permanent loan for 64 Bayard Street, home to 52 new luxury apartments.
The $26.5M deal is the second financing package arranged by Eastern Union Funding for the owner of 64 Bayard, operating as Bayard House LLC.  Nate Hyman and David Metzger arranged the initial construction loan, in addition to the recent refi.
Although a permanent loan was built into the construction financing, the brokerage duo refinanced the recently stabilized product, thereby seizing upon surging demand, a …

Finance & Accounting »

[13 Nov 2014 | No Comment | ]

Arbor Commercial Funding has recently funded 20 loans totaling $67,538,200 under a variety of product lines, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS Military Loan and Arbor Realty Trust Bridge product lines.
All of the loans were originated by Alexander Kaushansky, vice president in Arbor’s New York office.
“In today’s market, flexibility and customization are key components of each multifamily loan, as exemplified by this diverse assortment of loans closed across numerous markets within the eastern U.S.,” Kaushansky said.
“Borrowers who obtain not …

Finance & Accounting »

[12 Nov 2014 | No Comment | ]

HFF announced that it has secured a $165 million construction financing for Liberty Center, a 626,791 s/f retail town center development in Liberty Township, a northern Cincinnati, Ohio, suburb.
HFF worked on behalf of the joint venture partners, Bucksbaum Retail Properties, LLC and Steiner + Associates, along with financial partner Mount Kellett Capital Management L.P., to secure the loan through a single capital source.
Liberty Center is situated on 65 acres at 7454 Liberty Way, which fronts both Interstate 75 and State Route 129, one of the most heavily trafficked cross-roads in …

Finance & Accounting »

[12 Nov 2014 | No Comment | ]

CBRE Capital Markets’ Debt & Structured Finance team secured a $100 million construction loan for The Grove, in Los Gatos, California.
The development will consist of 485,000 s/f of Class A office space in three-and four-story office buildings in a campus environment on a 21-acre site.
The first phase — which is already under construction to be delivered in May 2015 — will consist of 242,000 s/f in two office buildings pre-leased to Netflix, Inc. John Nelson of CBRE’s San Francisco office arranged the financing on behalf of the borrower/developer, a joint …

Finance & Accounting »

[12 Nov 2014 | No Comment | ]

William Kaufman Organization has closed on a $50 million permanent first mortgage loan for its Meatpacking District office building at 320 West 13th Street, which was recently renamed 2 Gansevoort Street.
The loan, which was provided by M&T Bank, will fund tenant and ongoing capital improvements at the historic property.
Built in 1912 as a warehouse and trade school, the building was acquired by the William Kaufman Organization in 1948. In recent years, asking rents at the property have escalated from the mid-$30s to over $110 a square foot.
“We are transforming and …

Featured, Finance & Accounting »

[9 Nov 2014 | No Comment | ]
Silverstein secures $605M construction financing for 1 West End Avenue

By Konrad Putzier
Silverstein Properties and Elad Group are about to close on $605 million in construction financing for their condo development 1 West End Avenue, according to Silverstein CEO Marty Burger. Above-ground construction work on the project is set to begin in January.
Burger announced the news at a luncheon hosted by the Association of Real Estate Women (AREW), but did not name the lenders or specify the terms of the financing. According to a previous report in the Mortgage Observer, the developers had been in talks with a syndicate led …

Finance & Accounting »

[9 Nov 2014 | No Comment | ]

Dwight Capital closed a 223(a)(7) loan on The Brittany’s, a 98-unit multifamily complex in Rochester, Minnesota.
Josh Sasouness, managing principal at Dwight Capital, originated the $9,320,800 loan, which took only three and a half months, from engagement until close.
The property features two and three bedroom luxury townhouses in a popular residential neighborhood in Rochester, MN.
“The Minnesota HUD office went above and beyond to facilitate the timely closing of this transaction. We are delighted to bring The Brittany’s loan into Dwight Capital’s portfolio, and look forward to working with Minnesota HUD again …

Finance & Accounting »

[7 Nov 2014 | No Comment | ]

Canyon Capital Realty Advisors has provided a $120 million senior construction loan to LSG 365 Bond Street LLC, an affiliate of Lightstone, for the ground-up development of a 12-story luxury residential rental community in Gowanus.
Meridian Capital Group, a New York City based commercial mortgage broker, advised Lightstone on the transaction.
The proceeds of Canyon’s loan will be used to develop a contextual multifamily property that will include 429 residential units at 365 Bond Street, including 86 units of affordable housing.
The project will also include a public esplanade …

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