A-Z deals top $335m for office, hotel and condo projects.The Ackman-Ziff Real Estate Group, the debt, mezzanine 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. specialist, has arranged in excess of $335 million in financing for various projects throughout the country. The firm arranged a $75 million fixed rate financing for 44 Wall Street, a 25-story, 350,000 s/f, office building located in Downtown Manhattan. In 2004, Ackman-Ziff represented the borrower for the acquisition financing of 44 Wall Street. The borrower is trnasforming 44 Wall Street into a luxury boutique office building. The Ackman-Ziff Real Estate Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control also arranged a $52.5 million land loan for Lower Magnolia Green, Chesterfield County, VA. Lower Magnolia Green is an 1,898-acre proposed mixed-use master-planned community located twenty minutes southwest of Richmond. The property is fully entitled for the development of 3,550 residential lots. Ackman-Ziff arranged $89,750,000 long term, fixed rate financing. The loan included a 10-month forward commitment to finance the leasehold interest in a prestigious 425,000 s/f, 18-story office building located near Penn Station in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . In 2004, Ackman-Ziff represented the borrower for the acquisition financing of this property. The owners of the property represent a partnership of two Ackman-Ziff clients. The company also arranged a $49 million first mortgage for a portfolio of three retail properties on Lincoln Road in Miami Beach, Florida “Miami Beach” redirects here. For the beach in Barbados, see Miami Beach, Barbados.
And, Ackman-Ziff Real Estate Group LLC arranged a construction mezzanine loan for a 22-story luxury condominium currently under construction in Miami Beach, FL. Provided by a foreign bank, the loan allows for up to 90% funding of the project's cost. This mezzanine loan is an enhancement to the 80% of total cost non-recourse first mortgage loan that Ackman-Ziff had previously arranged on behalf of the borrower for the acquisition and construction of the project. Further, the mezzanine loan enables the borrower to repatriate repatriate To bring home assets that are currently held in a foreign country. Domestic corporations are frequently taxed on the profits that they repatriate, a factor inducing the firms to leave overseas the profits earned there. half of its equity investment for a coupon rate Coupon rate In bonds, notes, or other fixed income securities, the stated percentage rate of interest, usually paid twice a year. . The Ackman-Ziff Real Estate Group LLC arranged, from 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" , a $57 million, three-year interest only, floating rate non-recourse loan for the recapitalization of a boutique hotel in Midtown Manhattan. The 250-key, 15-story building was constructed in 1920 and was converted from an SRO See Self-regulatory organization. SRO See self-regulatory organization (SRO). property to a boutique hotel in 2000/2001. The property also has two retail tenants and an additional retail space available for lease. The recapitalization takes out the existing debt, a minority partner, retires historic tax credits, covers closing costs and provides a $4,000,000 facility for FF&E upgrades. |
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