Local Law 11 supporters remember innocent victim
[9:00 am, March 25, 2015 | No Comment | ]

By Holly Dutton
Nearly thirty-six years ago, Lori Gold received news that would change her life.
A Coney Island native, both Gold and her younger sister Grace attended Barnard College in Morningside Heights. On graduation day, 1979, Grace was walking down Broadway with friends when masonry fell from a building at West 115th, striking her and killing her.
Gold, a recent grad, was living in Washington, D.C. at the time, working for Procter & Gamble, and was preparing for a work trip with her boss in the morning when she got a phone call late on …

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[4:20 pm, March 26, 2015 | No Comment | ]

Cushman & Wakefield has closed a $22 million loan, collateralized by three mixed-use buildings at 92-94 Second Avenue, 192 First Avenue and 194 First Avenue in the East Village.
The loan features a rate of 2.875 percent and a 30 year amortization schedule.
“The challenge with this financing was finding a lender to get comfortable with the month-to-month leases and the lack of historical financials,ˮ said Cushman & Wakefield’s Morris Betesh, who exclusively handled this transaction with Omar Ferreira.
“Fortunately, our client has a great reputation of repositioning assets such as these. Coupled …

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[4:20 pm, March 26, 2015 | No Comment | ]

CBRE Capital Markets’ Debt & Structured Finance team has arranged $50 million in bridge loan financing for Bank of America Plaza, a 16-story, Class A office tower in Las Vegas, Nevada.
Financing was facilitated by Shawn Rosenthal, executive vice president in CBRE’s Midtown Manhattan office, with local guidance from Bob Ybarra, vice president in CBRE’s Las Vegas office.
CBRE worked on behalf of Angelo, Gordon & Co. and City Center Realty Partners, LLC, with financing provided by Prime Finance.
“The transitional bridge loan will be used to refinance existing debt and provide for …

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[4:19 pm, March 26, 2015 | No Comment | ]

HFF has closed the recapitalization of a 499-space underground parking garage in the Edge mixed-use project in Williamsburg, Brooklyn.
HFF marketed the property on behalf of Douglaston Development.
In 2014, HFF worked on behalf of the seller to close the recapitalization of 1.19 acres of land entitled for the development of 2 North 6th Place now underway and the sale the existing 64,000 s/f retail portion of the property.
The 499-space parking garage is part of The Edge master planned development featuring 565 constructed residential condominiums, 347 moderate-income units and 554 to-be-built residential …

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[4:07 pm, March 26, 2015 | No Comment | ]

Square Mile Capital Management announced that it has originated a $24.5 million mezzanine loan secured by a to-be-built hotel near Times Square and Hudson Yards.
The hotel, being developed by Sam Chang of McSam Hotel Group, will be located in the Hudson Yards Zoning District. The mezzanine loan is part of the $108 million construction financing on the property.
The senior construction financing was provided by the Bank of the Ozarks.
Chang has played an important role in New York’s hospitality industry, providing modern limited-service hotels that complement the city’s luxury offerings that …

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[4:05 pm, March 26, 2015 | No Comment | ]

Harbor Group International announced that an affiliate of the company funded a $35 million, nine percent mezzanine loan in connection with the purchase of a 15-property portfolio of multifamily properties, primarily in Brooklyn.
The portfolio was acquired for $236 million by a long-standing Brooklyn multifamily operator and investor that contributed approximately $38 million of equity in the transaction.
“Mezzanine loans and preferred equity transactions have become a an increasingly important component of HGI’s diverse investment strategy,” said T. Richard Litton, Jr., president of Harbor Group International.
“We continue to actively pursue these types …

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[4:02 pm, March 26, 2015 | No Comment | ]

Meridian Capital announced the following transactions:
• New mortgages totaling $2,410,000 on two multifamily properties totaling 18 units located on Caroline Avenue and Radford Street in Yonkers, NY. The loans feature rates of 3.00% and five-year terms. These transactions were negotiated by Judah Hammer and Sam Schonfeld.
• A new mortgage in the amount of $16,000,000 on a six-story, 135-unit multifamily property located on East 18th Street in Brooklyn, NY. The loan features a rate of 3.40% and interest-only payments for the full seven-year term. Avi Weinstock and Michael Farkovits negotiated this …

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[3:58 pm, March 26, 2015 | No Comment | ]

Mayor de Blasio made three appointments to the Rent Guidelines Board, naming Helen Schaub and K. Sabeel Rahman as public member representatives, and Scott Walsh as an owner representative.
The Rent Guidelines Board determines annual rent adjustments for approximately one million apartments across the city subject to the Rent Stabilization Law.
Helen Schaub, one of the public member representatives, has spent more than 10 years as a community organizer with a focus on housing.
She is currently the New York State Director of Policy and Legislation at 1199 SEIU United Healthcare Workers East.
Before …

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[3:57 pm, March 26, 2015 | No Comment | ]

EPIC Commercial Realty has appointed Tali Israeli as its chief operating officer.
Israeli handles day-to-day operations and oversees the over 30-person team. She is charged with growing the team following a record-breaking 2014.
Prior to joining EPIC, Israeli was a senior operations manager at Hearing Life/Total Hearing Care, overseeing the operations for several hundred locations.
Before that, she was partner in the property management division and a vice president of operations in the real estate development and general contractor divisions at Shuster
Management, LLC for seven years.
Israeli received her Master of Arts degree with …

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