$17M mane attraction.Sonnenblick-Goldman Company has arranged a non-recourse $17 million, 24-month, floating-rate mortgage for the acquisition and conversion of a downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. turn-of-the-century industrial building at 209-211 Hester Street. The property is believed to have been the stables for the former police headquarters, which was converted in 1988 into condominiums and is now called the Police Building. Developers plan to convert the building into 16 high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. condominiums, including three triplex triplex /tri·plex/ (tri´pleks) triple or threefold. triplex triple or threefold. townhouses and two duplex (communications) duplex - Used to describe a communications channel that can carry signals in both directions, in contrast to a simplex channel which only ever carries a signal in one direction. penthouses. "With the great downtown location, there was a lot of interest in this loan," said Dave Karson, vice president at Sonnenblick-Goldman. "We were able to secure a very aggressive financing package that enabled the developer to control this great project with very little invested equity." The mortgage, provided by a Wall Street investment bank, provided 85 percent of the total project cost at Libor plus 2.75 percent. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion