Square Mile originates $71 million loan for The Rennie; Arranged by Flammang of Cushman & Wakefield

December 18, 2018 - Financial Digest
Sean Reimer, Square Mile

 

Preston Flammang, Cushman & Wakefield

 

Manhattan, NY Square Mile Capital Management LLC has originated a $71 million loan secured by The Rennie, a newly-built condominium building located in the Harlem neighborhood. The property spans the entire block between West 137th and 138th Sts. along Adam Clayton Powell Jr. Blvd., and is an eight-story building containing 134 residential condominium units, ground-floor retail, community facility space, and below-grade parking.

The loan was made to Goldman Sachs Urban Investment Group and BRP Companies. It includes proceeds to repay existing debt, return equity to the sponsor and provide term to allow for condominium sales. The financing was arranged by Preston Flammang of Cushman & Wakefield’s New York City office. 

Square Mile Capital principal Sean Reimer said, “We are pleased to continue our lending relationship with Goldman Sachs Urban Investment Group and develop new ties with BRP, an experienced owner, developer, and operator with a strong track record within New York City, including the Harlem neighborhood. The partnership has successfully sold all of the residential condominiums at the Aurum, located six blocks south, and we believe that it is the ideal team to execute on the business plan for the property.”

The Rennie - Manhattan, NY

The immediate area surrounding the property contains numerous retailers, fitness studios, and restaurants, including Harlem Cycle, Ponty Bistro, Belle Harlem and Harlem Nights. The property is also located two blocks from the A, C, and B subway lines and four blocks from the 2 and 3 lines. Residents will benefit from amenities such as a 24/7 doorman, decorated rooftop, terrace with grills, party room, children’s playroom, laundry room, fitness center, and pet spa.

Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s opportunistic equity platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize real estate assets or enterprises that are undervalued, complex or under-capitalized.

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