Hakim and Zabala of Eastern Consolidated handle portfolio sale; loans by Bank of the Ozarks and Square Mile Cap.

Adam Hakim, Eastern Consolidated

30 Morningside Drive - Manhattan, NY

Sam Zabala, Eastern Consolidated

Manhattan, NY Eastern Consolidated’s Capital Advisory Division has arranged a $60 million first mortgage bridge loan to finance the acquisition of the five-building St. Luke’s Morningside Heights Pavilion Portfolio.

Bank of the Ozarks provided the $60 million loan for the borrower, Delshah Capital, which purchased the portfolio for $111.5 million and also received a separate $17.5 million mezzanine loan from Square Mile Capital.

Adam Hakim and Sam Zabala, managing directors in Eastern Consolidated’s Capital Advisory Div., handled the deal with James Murad, director, financial services, served as analyst.

“This portfolio consists of five architecturally significant elevator pre-war buildings on West 113^th and 114^th Sts. that can be converted to residential use as-of-right,” Hakim said. “When completed, the conversion will offer 199 rental apartments across 201,481 rentable s/f and 3,776 rentable s/f of community facility space.”

Zabala said, “The completed portfolio will offer luxury rental product in Morningside Heights featuring rooms with 11-to18-ft. high ceilings throughout and top quality amenities including elevators, doormen, fitness center, storage, library, business center, outdoor space, high-tech integration, and amazing views.”

Delshah Capital is a full-service, vertically integrated commercial real estate investment firm specializing in acquiring, developing and operating multifamily and retail properties throughout New York City.