Multi Capital Closes another Residential Condominium Conversion Loan in NYC
New York, NY
Multi Capital Group, a Real Estate Investment Banking firm has arranged for an $18,500,000 condominium conversion loan in connection with their client's purchase of 372 Broadway in the TriBeCa neighborhood of New York City.
The loan was a combination of Senior Debt and Mezzanine financing with a total capital structure of 92% LTC. The property located in the trendy neighborhood of TriBeCa NY, consists of an existing building that will be completely renovated and fitted with luxury finishes. The project will have an additional Penthouse level added to the structure.
According to Eli Verschleiser a partner at the firm, this area will continue to see new developments within the next 6-9 month. "We are involved in numerous transactions within a 6 block radius of the site. I guess TriBeCa is still where developers still get one of the highest price per square foot." The site is located on Broadway just south of the recently topped off 345 Broadway / 88 Leonard developments being built by Leviev Boymelgreen
Multi Capital stated that the client for this transaction is a leading multi-family / office building owner and operator for over 30 years. The client has a proven track record of successfully developing and repositioning properties in all of the Tri-State markets. The client has extensive experience with all aspects of multi-family real estate including: land assemblage and planning, construction rehabilitation and residential condominium conversions. The client owns and/or manages more than 5,000,000 SF of Real Estate in the New York Tri-State region.