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Deals & Dealmakers

Loans Round-up: New Empire scores $41.5M loan for 47th Street project

Rosenberg & Estis

Counsel for Emerald Creek

Rosenberg & Estis, P.C., served as legal counsel for lender Emerald Creek Capital in a one-year bridge financing deal, totaling $41.5 million, with New Empire Real Estate Development.

Emerald Creek Capital refinanced a $37.5 million loan, originally provided by Cathay Bank, for New Empire’s proposed development on East 47th Street between Third and Lexington avenues.

Michael E. Lefkowitz, Member; Eric S. Orenstein, Member; Steven R. Goldberg, Member; and David Fries, Associate, represented Emerald Creek Capital in the deal.

“This is an extraordinary project with strong ownership in an attractive location,” said Orenstein.  “While the pace of financing has slowed for many new residential projects, this development was attractive to lenders.”

Madison Realty Capital

MRC funds Soho development opportunity

Madison Realty Capital (MRC) provided a $23.3 million first mortgage acquisition loan collateralized by a mixed-use development site at 182-188 Spring Street in SoHo.

The borrower, Opal Holdings according to The Real Deal, acquired 182-186 Spring Street for $31.565 million through a bankruptcy auction, and closed simultaneously on the adjacent townhouse located at 188 Spring Street, including its air rights.

Josh Zegen, Co-Founder and Managing Principal of MRC, said, “ We believe this is an incredibly well-located assemblage with great prospects for successful redevelopment into luxury condominiums and class A retail.”

The borrower plans to build high-end residential units above ground-floor retail space on the assemblage, in a development totaling approximately 37,278 gross square feet.

Existing structures at 182 Spring Street are substantially demolished, and demolition is already complete at 186 Spring Street.  188 Spring Street currently includes a vacant four-story, 2,239 s/f, single family townhouse, which is also expected to be demolished.

MLK Real Estate

Hotel venture finance

MLK Real Estate Capital (MLK) advised Riverbrook Equities on the acquisition and construction financing for the development of 97-26 147th Place in Jamaica, NY.

The construction financing for the limited service hotel development of Riverbrook’s planned new Red Roof Inn Plus was $12 million of the total development project budget of $17.6 million.

The future development will consist of 10 floors, and will comprise of over 40,000 s/f.

Steven Mendel, Executive Vice President of RBE, said, “We are excited about this development project to continue our company’s growth in the limited service hospitality hotel industry.”

Sol Kinraich, Managing Principal of MLK, said, “The fundamentals of this project is compelling due to the planned development being situated just a few blocks away from the AirTrain with direct access to JFK airport & the transportation hub of Jamaica Station which will drive business travelers to the hotel.”

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