Shown (from left) are: Harrington, Swartz, Kapahi and Lee.New York, NY HKS Capital Partners closed $200 million in loans in December 2015 and they look forward to celebrating the firm’s fifth anniversary this year.
Since April of 2011, when the firm was founded by principals Jerry Swartz, Ayush Kapahi and John Harrington, it has closed $13 billion in loans for new developments, acquisitions and refinancing deals in New York, other states and the U.S. Caribbean.
HKS broker Michael Lee was recently appointed to partner at the financial advisory firm that specializes in permanent financing, construction and bridge, mezzanine, institutional and private equity lending in all asset classes for many of the city’s top developers, hoteliers and building owners.
“HKS Capital had a great 2015 and we are on the way to making 2016 even more successful as we add new lending sources for our clients,” said Swartz.
Some deals closed in December 2015 include:
• $40 million refinance of six contiguous mixed-used buildings in the West Village. The five-year, non-recourse loan features a rate of 3.125% with full term I/O. Kapahi negotiated this transaction.
• $30 million acquisition and renovation loan for an office building in the Garment District. The loan is a four-year term with 360 over LIBOR. Kapahi negotiated this transaction.
• $18 million refinance of a five-story commercial property in Danbury, CT with 120 units at 225 over LIBOR. The loan is non-recourse and subject to 75% LTV. Interest only for the first three years, and then a 27-year amortization for the last two years. Harrington negotiated this transaction.
• $14 million refinance of a three-story commercial property in Great Neck with 80,000 s/f medical office. The seven-year loan offers the first three being interest only. The rate is 3.5% with no fees and non-recourse. Harrington negotiated this transaction.
• $12.375 million acquisition financing of two conjoined five-story multifamily properties in upper Manhattan comprised of 32 units, a five-story multifamily property comprised of 21 residential units, and a five-story multifamily property comprised of 25 residential units. This loan features a rate of 3.5% with a seven-year term (and a five-year option to renew) in which the first three-years are interest only and the remainder amortizes on a 30-year amortization schedule. Kapahi negotiated this transaction.
• $9.633 million bridge financing of a five-story, single-family townhouse on the Upper West Side. This loan features a 6% rate with a 12-month term. Lee negotiated this transaction.
• $9.18 million acquisition financing of four contiguous five-story, mixed-use properties in upper Manhattan comprised of three commercial units and 56 residential units. This non-recourse loan features a rate of 3.5% with a seven-year term based on a 30-year amortization schedule. Kapahi negotiated this transaction.
• $8.99 million acquisition financing of a four-story multifamily townhouse on the Upper West Side, comprised of eight vacant residential units that will be renovated into an 8,400 s/f single-family home. This 18-month loan has a six-month extension option. It is non-recourse with a rate of 425 over LIBOR. Raymond Salameh negotiated this transaction.
• $7.9 million permanent financing of a multifamily property in the Bronx, comprised of 109 units. This non-recourse loan features a 3% rate (two-years interest only) with a five-year term and a five-year option to renew. Jay Stern negotiated this transaction.
• $7 million construction of a multifamily property in Brooklyn. This interest only, two-year loan was priced at 300 over LIBOR. Harrington negotiated this transaction.
• $6.5 million refinance of a two-story commercial property with 28 units in Elmhurst, Queens. This was a 12-month, interest only loan. John Sullivan negotiated this transaction.
• $5.8 million acquisition of 39 fractured co-op units in Forest Hills, Queens, out of a total of 161. This two year loan allowed for two extension options, with interest only payments at 3% over LIBOR. This is a non-recourse, no-fee loan. Kapahi negotiated this transaction.
• $5.3 million acquisition of six-story mixed-use building in Nolita, comprised of five residential units and one commercial unit. This five-year loan is full term interest only with a rate of 3.25%. The loan is non-recourse. Lee negotiated this transaction.
• $5.25 million permanent financing of five contiguous three-story properties in Brooklyn, each comprised of one commercial unit and two residential units. This non-recourse loan features a 3.5% rate with a seven-year-term based on a 30-year amortization schedule. Kapahi negotiated this transaction.
• $5.2 million permanent financing of two multifamily properties in Teaneck, N.J. This non-recourse loan features a 3.25% rate with a five-year term based on a 30-year amortization schedule. Lee negotiated this transaction.
• $5.14 million ground-up construction financing of a 15-unit multifamily property in Queens. This two-year loan features a rate of 30-day LIBOR + 3.25%. Lee negotiated this transaction.
• $5 million permanent financing of a block through, five-story mixed-use property in Chinatown comprised of one retail unit, two office units, and a 200-space parking garage. This non-recourse loan features a 3.92% rate with a 10-year term based on a 30-year amortization schedule. David Zerman negotiated this transaction.
• $4.8 million permanent financing of a single tenant retail condominium in Noho with a 3.25%, (5+5) year term, I/O for the first two years, then amortized on a 28-year-basis. Kapahi negotiated this transaction.
• $4.4 million refinance of a retail condo in East Harlem. This loan features a 3.93% rate (five-year treasury + 2.35%) with a five-year term based on a 25-year amortization schedule. Rex Grasso negotiated this transaction.
• $4.27 million refinance of a mobile home park in Lake Charles, LA. This loan features a 5% rate (LIBOR + 4.75%) with a two-year term. Jay Stern and Joel Kirsch negotiated this transaction.
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