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Finance & Accounting »

[15 Apr 2015 | No Comment | ]

Meridian Capital announced the following transactions:
• New mortgages totaling $76,000,000 were placed on four multifamily properties composed of 223 units located on West 86th Street, East 92nd Street and West End Avenue in New York, NY. The loans feature rates of 2.88% and five-year terms. These transactions were negotiated by Carol Shelby and Dani Sabesan.
• New mortgages totaling $18,755,000 on four multifamily properties composed of 248 units located on Central Avenue in Orange, NJ and North Arlington Avenue, South Harrison Street and Prospect Street in East Orange, NJ. The loans …

Finance & Accounting »

[15 Apr 2015 | No Comment | ]

Eastern Union Funding arranged financing for a circa-1927 building on 975 Walton Avenue in the Bronx on behalf of City Life Realty.
Eastern Union’s client scooped up the property’s 185 multifamily units and one commercial space from E&M Associates for $30 million.
The pre-war property survived a severe fire in 2012, rebuilt, and remains a neighborhood fixture. It is within throwing distance of Yankee Stadium and a landmark in The Bronx.
Eastern Union’s David Eisen brokered a non-recourse $22.5 million loan with Investors Bank. The deal has a 12-year term with the first seven …

Finance & Accounting »

[15 Apr 2015 | No Comment | ]

Greystone provided its first CMBS loan in the self-storage space in the amount of $26,250,000 for the acquisition of 23 separate self-storage facilities across Ohio and Kentucky.
The loan was originated by Greg Krafcik, a managing director at Greystone, on behalf of Elite Stor Capital Partners, LLC a West Palm Beach, FL-based equity investor focused on the self-storage space industry.
Terms of the 10-year CMBS loan include a 9 percent debt yield, 75 percent LTV, a spread of 205 bps over 10-year swaps and 3 years of interest only followed by a 30-year …

Finance & Accounting »

[15 Apr 2015 | No Comment | ]

National Cooperative Bank (NCB), a leading lender to co-operative housing throughout the Tri-State area, announced that the bank originated more than $46 million in new loans during March for 15 New York area properties.
Mindy Goldstein, a senior vice president at NCB, arranged $23.6 million in financing, including the largest loan of the month, a $6.2 million first mortgage and $1 million line of credit for Broadway 111 Owners Corp., a 147-unit co-op at 600 West 111th Street in Manhattan.
Other financing included:
• A $5.5 million first mortgage and $1 million line …

Finance & Accounting, Property Managers »

[15 Apr 2015 | No Comment | ]

Less than a year after Newark amended its rent control ordinance, landlords are laying off staff and contractors.
The new law, passed by the current Newark City council in one of its first acts, strictly limits rent increases on occupied and vacant apartments.
“We have cut staff and not filled vacant positions,” said Richard Kurtz, founder and chairman of Kamson Corporation, a Newark property owner for more than 25 years.
“We are using less staff because the ordinance discourages improvements to the apartments. We get no return by investing in units upon vacancy, …

Finance & Accounting »

[15 Apr 2015 | No Comment | ]

Meridian Capital Group negotiated a $48 million permanent loan to refinance a New York office property for APF Properties.
The seven-year loan, provided by a regional balance sheet lender, features a fixed-rate in the mid-3% range, a five-year extension option and five years of interest-only payments followed by a 30-year amortization schedule.
The transaction was negotiated by Meridian managing director Tal Bar-Or, who is based in the company’s New York City headquarters.

The nine-story office property, located at 1156 Avenue of the Americas, totals 71,900 s/f of office space and 8,000 s/f of …

Finance & Accounting, Mergers and Acquisitions »

[15 Apr 2015 | No Comment | ]

Blackstone Mortgage Trust, Inc. announced Monday that it has signed an agreement to acquire a $4.6 billion commercial mortgage loan portfolio from GE Capital Real Estate.
The acquisition is a part of the larger $23 billion acquisition of the majority of GE Capital’s real estate business by investment vehicles managed by Blackstone and by Wells Fargo.
The portfolio to be acquired by BXMT consists of 82 first mortgage loans secured by a diverse set of commercial property types across its core and target markets, including the United States (68%), Canada (15%), the …

Finance & Accounting »

[8 Apr 2015 | No Comment | ]

By Frederick E. Davis, Jr., JD, CPA, Partner and Michael Coates, Tax Senior, Mitchell & Titus LLP
What is a cost segregation study?
A cost segregation study is the process of identifying the component parts of real property and depreciating components identified as either personal property or land improvements over a shorter depreciation period for federal tax purposes.
With respect to commercial property, certain costs thought to be classified as subject to a 39-year depreciable life, can instead be classified as personal property or land improvements, with a 5, 7, or 15-year rate …

Finance & Accounting »

[8 Apr 2015 | No Comment | ]

Patch of Land, a crowdfunding solution for real estate financing, announced today that it has raised $23.6 million in financing.
The oversubscribed Series A round was led by SF Capital Group, a private investment firm focused on direct equity and debt investments in the financial technology space.
Neil Wolfson, President of SF Capital Group will also join the Board of Directors of Patch of Land. Ron Suber, president of Prosper Marketplace, an online marketplace for consumer credit, also participated in the Series A round as a strategic investor.
“We are very pleased to …

Finance & Accounting »

[8 Apr 2015 | No Comment | ]

Commercial real estate lending increased for the fifth consecutive year in the U.S., as a strong fourth quarter capped expansion across lenders and property types, according to the latest research from CBRE.

Loan closings were boosted by the demand for acquisition financing, which accounted for close to one-half of lending volume in 2014.
This demand was boosted further by the increase in property sales, which rose 17 percent in 2014, according to Real Capital Analytics (RCA).
Retail, hotel and specialty property types saw the biggest gains in lending volume in 2014, as investors …

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