Mesa West Capital has provided Benchmark Real Estate Group with a $17 million first mortgage loan to facilitate the acquisition and repositioning of a West Village mixed use apartment building.
The loan was secured by 455-457 Hudson, a six-story, 26,400 s/f mixed-use apartment building containing 38 residential units and 2 retail stores.
Part of the loan proceeds have been earmarked to allow Benchmark to immediately begin in-unit and base building upgrades to improve the marketability of the building.
Benchmark, which was founded by Aaron Feldman and Jordan Vogel in 2009, is a full service real estate company focused on acquiring and improving multi-family properties in New York City.
Over the past 24 months, Benchmark has acquired approximately a dozen properties with an aggregate value of nearly $200 million.
This is Mesa West’s second financing with Benchmark. In December 2012, Mesa West funded a $32 million loan for Benchmark’s acquisition of a 94-unit rental building in the Gramercy Park submarket of Manhattan.
“Benchmark has a proven track record of creating value and driving NOI growth at the properties they own,” said Mesa West’s Russell Frahm who originated the financing.
“The sponsor’s efforts will dramatically improve the marketability of the asset and allow the sponsor to push rents.”
The financing was brokered by Jon Estreich and Chris Barnett of Estreich & Co. Inc.