The Singer & Bassuk Organization arranged $33.4 million in senior, non-recourse bridge financing for affiliates of family-owned real estate company, Benenson Capital Partners.
The financing will be utilized to re-tenant the retail portion of the co-operative property at 117-127 East 59th Street in Manhattan.
Scott A Singer, President of SBO, led SBO’s efforts together with Benenson executives Richard A. Kessler, COO, James E. Stifel, CIO, and Salvatore J. Ciaravino, Director of Real Estate.
The loan was placed with M&T Bank, via the team of Matt Petrula, Brooke Cianfichi, Joe Pizzutelli, and Elizabeth Gordon. Jeff Moroch of SBO worked closely with Scott Singer throughout the transaction.
The collateral for the financing includes several levels of retail space at 117-127 E 59th Street, between Park and Lexington Avenues. The space was vacant at the time of the financing, although attractive to flagship retail tenants, with triple-height visibility and 120 feet of glass-wall frontage.
“We thank The Singer & Bassuk Organization and M&T Bank for providing creative financing, allowing us to continue our redevelopment plans for our East 59th Street property,” Kessler said. “Together, this financing team worked tirelessly to structure a loan facility that will allow us to accomplish all of our goals for this asset. Although we’ve known both for many years, we are delighted to have closed our first transaction with both M&T Bank and SBO.”
“This closing was an exciting outcome on multiple fronts,” said Scott Singer, “and hopefully the first of many. We are quite proud to have delivered low-cost, non-recourse financing on a vacant retail space in today’s market – and also quite aware that it was possible primarily due to the strength of the borrower and the asset.”
The property is located between Park and Lexington Avenues in Midtown East.