$17m Clarett loan.Sonnenblick-Goldman, acting on behalf of Clarett Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a joint venture between The Clarett Group and Prudential Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , has arranged a $17.5 million mezzanine construction loan for Chelsea House, a 13-story, 64-unit luxury condominium being developed at 130 West 19th Street. A union pension fund advisor provided the funding. The fund was advised by ASB ASB Asbestos ASB Arbeiter Samariter Bund (German medical help organisation) ASB Anti-Social Behaviour ASB Accounting Standards Board (UK FRC) ASB Aarhus School of Business Capital Management, Inc. "Located between 6th and 7th Avenues, the site is in the heart of the hot Chelsea market Chelsea Market is an enclosed, urban food court and shopping mall built within the former Nabisco factory complex where the Oreo cookie was invented and produced. The 22-building complex fills two entire blocks bounded by 9th and 11th Avenues and 15th to 16th Street. ," says Dan Hollander, Managing Director of Clarett. "The advisor views Clarett as one of the city's premier developers, giving it the comfort to provide mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the behind the senior construction loan," says Steven A. Kohn, president of Sonnenblick-Goldman Company. Sonnenblick-Goldman Company also recently placed a $32.4 million mezzanine construction loan with the same lender for Clarett's Sky House condominium development at 11 East 29th Street. Sonnenblick-Goldman also arranged financing for the formation of Clarett Capital in 2003. |
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