News:
Brokerage
Posted: February 16, 2021
Urban Standard Capital provides $20 million refinance loan to Meyer Equities
Manhattan, NY Real estate investment company Urban Standard Capital has provided a $20 million refinance loan to Meyer Equities, the longtime owner of 265 West 37th St., a 23-story Midtown office/retail building.
The loan will allow Meyer Equities to buy out their long-term partner and take advantage of favorable tax benefits ending in 2020 on the 263,349 s/f building located on Eighth Ave. in the Garment District and to pay for tenant improvements and leasing costs.
Meyer Equities has owned the building for over 30 years and plans to use the funds to re-stabilize the asset with new tenants and extensions on existing tenants, according to Urban Standard Capital’s Charlie Brosens who arranged the I/O, 24-month financing at 5.25%.
“USC was able to close this loan less than 30 days from the signing of the term sheet and the closing was entirely remote,” said Brosens.
Urban Standard Capital, founded by Seth Weissman, is focused on lending, acquisitions, and development. Their lenders include private equity funds, institutional lenders, large and small family offices and some wealthy individual investors.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 260 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
.gif)