Beech Street Capital closed a $94.4 million in Freddie Mac loans to refinance a 12-property portfolio totaling 488 units throughout Manhattan.
The transaction, originated by Josh Rhine of Meridian Capital Group, was financed by Beech Street as part of its correspondent relationship with Meridian.
The borrower, Henry Moses and Robert Moses, have owned and operated the properties since acquisition between 1999 and 2008. The bulk of the existing loans were held with a Wall Street lender and had a few years of interest-only payments. When the amortization had started to take effect …

With private sector jobs continuing drive population growth in the City of New York, suburban brokers and developers may have some concerns that the “natural progression” of urbanities moving “onward and upward” to the suburbs may be a thing of the past.

Indeed, the numbers don’t lie. For the first time since the 1920’s, U.S. cities have begun to grow at a faster rate than their surrounding suburbs, according to the Brookings Institute. From 2010-2011, the five boroughs of New York City outpaced the suburbs by almost double the growth rate.

The Brooklyn Chamber of Commerce, in partnership with New York Business Development Corporation (NYBDC), has created “The Brooklyn Fund” to provide Brooklyn-based small business owners — and especially the borough’s immigrant entrepreneurs — with access to business loans to help promote growth and expansion.

More than 1,000 banking, finance and real estate decision-makers crowded the New York City Bar Building for the Second Annual NYC Finance Expo.

Madison Realty Capital (MRC), an institutionally backed investment firm and asset manager, has closed a $29 million first mortgage loan collateralized by two industrial properties located off the Queens Midtown Expressway and a mixed-use building in Lower Manhattan.

By Larry Boes, executive vice president, Kensington Vanguard
Over the past five-to-seven years, the real estate community has learned many lessons that have made the industry smarter about how time and money are spent.
One trend is that both buyers and sellers involve title companies much earlier in the deal process than they once did.
Because time is money, advance title research at the start of a project can reduce time spent on a non-viable project and costs as time are reduced as well.
Here are three scenarios when buyers and sellers are involving …

By Orlando Lee Rodriguez

For those in the real estate industry who lived through 2008, the pressure to produce positive investment results in today’s market can be enormous.

That can be challenging, given that the market is still in a state of recovery.

But with the credit flow not at even at half strength, over-leveraged equity holders, or those simply with low tolerance, have been forced to execute early exit strategies on their property holdings, leaving those remaining stakeholders to live with some time unrealistic demands from new groups of investors seeking faster returns.

Edge Principal Advisors, LLC, a real estate investment management company, announced the final closing of its second discretionary fund.
Total equity commitments for Edge Principal Investments II, L.P. are approximately $300 million. Edge will invest in all property types and, with leverage, has over $1.0 billion of buying power.

Related Companies and Oxford Properties Group closed on nearly $1.4 billion in equity investments and debt financing for Hudson Yards.

A consortium of investors and lenders will fund the first tower in the development of Hudson Yards, the South Tower, which will be home to fashion brand Coach, Inc. beauty company, L’Oréal USA, and market software firm SAP.

Cushman & Wakefield served as exclusive advisor to an affiliate of Alfred Sanzari Enterprises in arranging a $32 million non-recourse financing for Glenpointe Centre West, an office property in the Glenpointe Complex in Teaneck, NJ.