CB Richard Ellis arranges $11.6m financing for W13th Street purchase.Senior vice president Max Herzog, along with executive vice president Keith Braddish and vice president Jason Gaccione, of CBRE's Capital Markets group in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , has secured two loans, totaling $11.6 million financed through a correspondent lender. The loans financed 80% of the cost of the land acquisition and pre-development expenses for the proposed hotel project on the site. The structure of the senior land loan consisted of a 9 month term interest only at a competitive spread over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . The additional mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). consisted of a similar term with a market driven interest rate. The 2-parcel vacant site, located at 52-54 West 13th Street between 5th and 6th Avenues, has development plans permitting a potential 40,000 square feet hotel. As development plans continue for this location, an exclusive already exists for the same CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) Capital Markets team to procure the future construction loan needed to effectuate ef·fec·tu·ate tr.v. ef·fec·tu·at·ed, ef·fec·tu·at·ing, ef·fec·tu·ates To bring about; effect. [Medieval Latin effectu the owners business plan. Located central to the vibrant growing districts of Flatiron and Union Square, the development parcels are situated a few blocks away from Union Square Park. There is also convenient transportation hubs such as the 14th Street Path Station, 14th Street cross town bus and a plethora of subways, including the F, L, V, N, Q, R, W, 4, 5, 6 Subways. |
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