March 09, 2015 -
Front Section
HKS Capital Partners secured $55 million in bank finance for the following office/residential/mixed-use buildings:
* A $25 million mortgage for Dalan Management's $36 million purchase of two Midtown South office properties, as part of a 1031 exchange. The four-year loan from the Bank of the Ozarks, features a four-year loan with a rate of 375 over Libor with a floor of 4%. HKS principals Jerry Swartz and Ayush Kapahi worked on the deal.
Dalan Management bought the 12-story buildings at 10 East 33rd St. and 12 East 33rd St., between Madison and Fifth Aves. from Adee Associates, according to Daniel Wrublin, a co-founder and principal at Dalan Management, after selling three Washington Ave. Heights buildings for $16 million.
* $22.34 million in acquisition and construction financing from Doral Bank on a 10-story apartment building at 34 West 17th St. that will be delivered vacant and turned into full floor residential condominiums. The borrower was real estate investment firm, Atkins & Breskin, which purchased the building for $20 million. The loan features a rate of 150 BP's over prime with a floor of 5.75% and a term of 24 months (interest only). Swartz and Kapahi negotiated this transaction.
* $7.65 million in acquisition financing from Bank United on a six-story multifamily property on Mott St. in Chinatown with 20 residential units and one commercial unit, and a five-story multifamily property with 11 residential units and one commercial unit. The loan features a rate of 3.5% and a term of three years. Kapahi negotiated this transaction.