News:
Spotlight Content
Posted: August 21, 2009
Herzog and Diaz of CBRE Capital Markets arrange $6.16 million for refinancing of three bronx buildings
Senior vice president Max Herzog and associate Michael Diaz of CB Richard Ellis (CBRE) Capital Markets recently arranged $6.16 million in financing for 321 Bedford Park Blvd., 2969-73 Briggs Ave., and 1302-04 Rosedale Ave. The three multifamily walk-up rentals total 147 units are part of a larger portfolio and located in the borough. The financing extended to the borrower consists of $4.6 million in permanent mortgages and a $1.56 million line of credit. The non-recourse permanent financing was arranged by a local New York bank, at 5.875% fixed rate for a 7-year term with interest-only for three years followed by a 30-year amortization schedule. The line of credit was structured at rate of prime plus 0.5% and is collateralized by all three properties allowing the borrower flexibility in using these funds.
"At less than 60% loan-to-value, and with strong long-term ownership, the three fully stabilized cash-flowing buildings were successfully closed with competitive financing terms fulfilling the borrower's needs," Herzog said.
CB Richard Ellis Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
.jpg)
Columns and Thought Leadership
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
.gif)