Multi Capital Group Arranges $32 Million Dollar Condo Conversion Loan
Multi Capital Group’s Eli Verschleiser announced today that Multi Capital executives arranged and closed an 18-month loan facility for $32 million in connection with their client's purchase of 137-141 Duane St., a.k.a. 92 Thomas St., in the TriBeCa neighborhood of New York City.
New York, NY (PRWEB) May 26, 2005 -- Multi Capital Group’s Eli Verschleiser
announced today that Multi Capital executives arranged and closed an 18 month
loan facility for $32 million in connection with their client's purchase of
137-141 Duane St., a.k.a. 92 Thomas St. in the TriBeCa neighborhood of New York
City.
Multi Capital was able to move with incredible speed, getting the
lender to close the transaction within three weeks of bringing the lender to the
deal.
The property located in the most desirable neighborhoods of NYC is
currently a six-story building occupied on the lower level by Megu, a Japanese
cuisine restaurant. The borrower intends to immediately convert the building
from a luxury rental building to condominiums. The project's total square
footage is approximately 74,000 square feet.
“For the most part,
everything’s converted, and developers are moving east to old office buildings
around City Hall Park and into the North-West corridor, west of Hudson street,
where some vacant space still lingers un-marketed,” says Fred, a real estate
investment banker at Multi Capital Group.
Multi Capitals’ client for this
transaction has been a leading multi-family / office building owner and operator
for over 30 years. The developer 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 developer owns and/or manages more than
5,000,000 SF of real estate in the New York Tri-State region.
Vincent
Nicoletta, Esq. from Greenberg Nicoletta & Stein LLP represented the
developer and James Hausman, Esq. from Meister Seelig & Fein LLP represented
the lender in the transaction.
Multi Capital Group (www.Multi-Capital.com) is
a national Real Estate Investment Banking firm prominent in debt and equity
placement, and commercial and residential loan sales. Its clients include some
of the most active developers and institutions both nationally and in the New
York metropolitan area.
Contact:
Eli
Verschleiser
212-742-9300
e-mail protected from spam bots
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Source : http://www.prweb.com/releases/2005/5/prweb244570.htm