HKS Capital Partners secured a $25 million mortgage for Dalan Management’s $36 million purchase of two Midtown South office properties, as part of a 1031 exchange.
The four-year loan from the Bank of the Ozarks, features a four-year loan with a rate of 375 over Libor with a floor of 4 percent. HKS Principals Jerry Swartz and Ayush Kapahi worked on the deal.
Dalan Management bought the 12-story buildings at 10 East 33rd Street and 12 East 33rd Street after selling three Washington Avenue Heights buildings in November for $16 million.
Daniel Wrublin, a co-founder and principal at Dalan Management, said the company plans to update the spaces.
The buildings are comprised of 22 full-floor office lofts and ground floor retail space.
The East 33rd Street buildings comprise 61,100 s/f and could be converted into residences or a hotel.