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Brokerage
Posted: October 9, 2007
CBRE Capital Markets arranges $19.2 million loan on behalf of Bluerock R.E.
Keith Braddish, managing director, along with vice president Jason Gaccione, both of CBRE's Capital Markets, has secured a $19.2 million loan on behalf of Bluerock Real Estate, LLC, to facilitate the land acquisition and pre-development of a 51 ft. by 100 ft. land parcel at 1355 First Ave. The bridge facility was structured on an interest only non-recourse basis, with a competitive rate over LIBOR.
1355 First Ave. is located mid block on First Ave. between 72nd and 73rd Streets Development plans for the site consist of a 34 store, condominium building with 100,000 s/f. Ownership envisions full-floor sized apartments.
"This is the third major residential condominium development undertaken by Bluerock Real Estate within the past 24 months," said Braddish. "They are currently building two major condominium developments along Miami Beach, which are both substantially pre-sold."
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