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Finance & Accounting »

[25 Mar 2015 | No Comment | ]

Increase in property market value – Property tax is levied as a percentage of assessed value. Whenever there is an increase in the assessed value of a property, this prompts an increase in the property tax revenue.
Increase in real estate inventory – When there are new developments and/or construction in the city, more properties are included in the assessment bracket, leading to an increase in the property tax revenue.
Ecopolitics – With increasing city expenses, if the city is unable to obtain additional state and federal aid, then the burden on city revenue rises, …

Brokers Weekly, Finance & Accounting »

[24 Mar 2015 | No Comment | ]

For most people, owning a home is like moving a step up the American-dream ladder. It is indeed wise of you to buy a home instead of continuing to pay hefty rent.
Your home is an excellent investment in the long run because it helps you not only build up an equity but also garner substantial tax breaks.
“There are certain deductions that can be claimed by homeowners only,” says John Gregory EA, tax practitioner and founder of 1040Return.com. “If you have taken out a homeowner’s loan, consider these deductions as Uncle …

Deals & Dealmakers, Finance & Accounting »

[24 Mar 2015 | No Comment | ]

Marcus & Millichap Capital Corp. (MMCC) has added two mortgage brokers in the firm’s Brooklyn office.
John Wilcox, MMCC’s eastern division vice president, said Roger Kapsalis and Lior Goldberg have joined the firm. They will focus on providing mortgage brokerage services for clients in Brooklyn and throughout NY Metro area.
Kapsalis and Goldberg come from Cushman & Wakefield/ Masey Knakal’s Brooklyn mortgage brokerage business, where Kapsalis was a director. In the last 12 months, the team closed approximately $80 million of financings. Throughout their career, they’ve placed in excess of $230 million of …

Finance & Accounting, Green Building »

[24 Mar 2015 | No Comment | ]

A new report from Deutsche Asset & Wealth Management’s (Deutsche AWM) cites a 31 percent ROI as reason enough to keep investing in green building.
In its annual Environmental Social Governance (ESG) Strategy Update, the company highlights the 10 achievements and overall progress Deutsche AWM’s real estate investment business has made in implementing its ESG strategy.
The ESG strategy is defined by the business’ ability to preserve and enhance risk-adjusted returns and strengthen its investment process by reducing risk, improving efficiency and satisfying tenants.
“Accelerating environmentally and socially responsible investments in a manner …

Deals & Dealmakers, Featured, Finance & Accounting »

[24 Mar 2015 | No Comment | ]
$120M mortgage for 30 Park purchase

Meridian Capital Group has negotiated $120 million in financing for the purchase of 30 Park Avenue.

Public records show the 20-story building was purchased by Thor Equities for $179 million. However, Cammeby’s International has taken a majority stake in the property. Eli Shron, a vice president at Cammeby’s, signed the mortgage agreement for borrower.

Finance & Accounting »

[24 Mar 2015 | No Comment | ]

First American Title Insurance Company is expanding its operations into New York with its purchased of the locally-based TitleVest Holdings Group, LLC.
“TitleVest is an important addition to the First American family in New York, where our commitment to our customers and our agent partners across the state is strong,” said Chris Leavell, COO of First American Title Insurance Company.
Brian Tormey, TitleVest’s current COO, will continue to lead the TitleVest operations. Bill Baron, CEO, will retire following the acquisition.
“We are grateful for our clients’ trust and loyalty and we’re confident that …

Finance & Accounting »

[18 Mar 2015 | No Comment | ]

Meridian Capital Group negotiated a $160 million loan for the refinance of two adjacent mixed-use properties located in New York, NY on behalf of The Moinian Group.
The five-year loan was provided by a balance sheet lender and terms were negotiated by Meridian Capital Group Senior Managing Director, Drew Anderman, who is based in the Company’s New York City headquarters.
The property, located at 90 and 110 John Street, is split into two mixed-use condominiums. The first is a 29-story building with 221 luxury residential units and 121,000 square feet of office …

Deals & Dealmakers, Finance & Accounting »

[16 Mar 2015 | No Comment | ]

Hamilton Point Investments, LLC, launched HPI Real Estate Opportunity Fund IV, LLC last month to raise $100 million of equity that, with leverage, will acquire $250 million of multifamily apartment properties.
The real estate private equity fund continues the investment strategy of the firm’s previous funds, acquiring high-quality multifamily apartment properties to provide investors with a seven percent annual distribution, paid quarterly, and a 14 percent IRR net to investors over the fund’s five-year hold period.
Hamilton Point Investments has acquired over 6,000 apartment units, paying $400 million to assemble the portfolio.
It …

Finance & Accounting »

[12 Mar 2015 | No Comment | ]

Related Companies announced that Jennifer Tuhy has been named Chief Financial Officer of Hudson Yards.
In this role, Jennifer will be a part of the executive team on the historic 28-acre development, responsible for overseeing all finance and accounting aspects of Hudson Yards.
As CFO, Jennifer will be responsible for overseeing all finance and accounting for Hudson Yards including budgeting, accounting and controls, financial reporting, tax, treasury and information systems for the largest private real estate development in US history.
Jennifer previously served as Senior Vice President of Related’s Accounting and Finance functions …

Featured, Finance & Accounting »

[11 Mar 2015 | No Comment | ]
Moinian refinances 5th Ave. tower with $310M loan

Meridian Capital Group, a debt broker, negotiated a $310 million CMBS loan for the refinance of two adjacent office and retail properties spanning a full block on Fifth Avenue in New York, NY on behalf of The Moinian Group.
The 10-year loan features a competitive fixed-rate below 4.00% and was provided by a national CMBS lender.
This transaction was negotiated by Meridian Capital Group senior managing director Drew Anderman, who is based in the company’s New York City headquarters.
The 36- and 13-story properties, located at 535 and 545 Fifth Avenue respectively, total …

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