$40m financing deal for condo development.AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. Realty Capital has arranged $50 million in debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the development of a new 16-story condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. building located at 120 West 72nd Street on Manhattan's Upper West Side. The transaction consisted of a $40 million construction loan placed with Fremont Investment and Loan and $10 million in 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 placed with a hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter Berk, a principal with AFC Realty Capital, a Manhattan-based real estate investment banking and financial advisory firm. The financing was arranged by Berk on behalf of a New York-based developer. "The superior location, coupled with the experience of the developer led to very aggressive rate and terms for both structured components of this loan," Berk said. The total development cost for the yet-to-be-named building between Amsterdam and Columbus Avenues is expect to range between $55 and $60 million. The new offering of luxury condominiums will feature 24 homes the majority of which will feature two bedrooms, 2 1/2 baths and 1,700 square feet of living space. The additional residences will be four-bedroom floor-through layouts with 3 1/2 baths and providing 3,500 s/f of space. The homes will ranging in price from $2.5 million to $4.5 million. Building amenities will include a second-floor common area that can be customized as a fitness center and individual basement storage units. There will also be 5,000 square feet of ground floor retail space. |
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