Chelsea land deal attracts Canyon Capital, Pantheon cash.Prodigious Capital Advisors exclusively represented 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 City-based developer, Sleepy Hudson, in obtaining financing for the acquisition of two contiguous parcels of land in the Tribeca neighborhood of Manhattan. Prodigious Capital was able to deliver a highly levered $29 million financing package composed of a senior A piece funded by Canyon Capital Realty Advisors and subordinated B piece funded by Pantheon pantheon (păn`thēŏn', –thēən), term applied originally to a temple to all the gods. The Pantheon at Rome was built by Agrippa in 27 B.C., destroyed, and rebuilt in the 2d cent. by Hadrian. Financial. The two parcels acquired by Sleepy Hudson will allow them to construct a 17-story, 140,000 s/f luxury 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 with ground-floor retail space. The project is located on the west side of Broadway between White and Franklin Streets and will allow residents to use an entrance on Franklin Place, a private street on the west side of the property. Prodigious Capital worked through several complicated issues with the developer and co-lenders, including the conveyance of excess development rights from a neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. property and the use of floor area generated by a private street. "Prodigious Capital's team brought tremendous expertise and hands-on assistance to the table which enabled us to complete this extremely complicated transaction." said Sleepy Hudson co-founder David Kislin. "They were there from start to finish helping to negotiate and structure the most crucial aspects of the financing." "This transaction allowed us to showcase our core competencies of arranging highly structured capital stacks for complicated development transactions." said David Eyzenberg, president of Prodigious Capital Group, the parent company of Prodigious Capital Advisors. "We utilized our long standing relationships in the institutional capital marketplace to identify a co-lender familiar with Canyon Capital, thereby expediting the loan participation process and allowing the client to receive the required level of proceeds in time for a TOE closing." Prodigious Capital was represented by Eyzenberg, Carlo Perry and Ian McConnell. Canyon Capital was represented by Michael Fleischer Michael Fleischer is a United States businessman from the state of New Jersey and on March 13 2004 was appointed to the post of Director of Private Sector Development for the Coalition Provisional Authority in Iraq. and Robin Potts. Pantheon Financial was represented by Ken Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. and Matt Lehrer. "Canyon is pleased to finance this excellent project in Tribeca where land for this kind of development is in short supply," said Bobby Turner Robert "Bobby" Turner (born May 6, 1949 in Midway, Alabama) is the Denver Broncos running backs coach. He joined Denver in 1995, he also worked for 20 years as a college assistant and has 34 combined years of coaching experience at the professional, collegiate and high school , managing partner of Canyon Capital Realty Advisors. "The Sleepy Hudson team has solid experience in the Manhattan marketplace and a track record of building luxury residential products featuring quality construction and design." Founded by David Kislin and Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Tsimmer, Sleepy Hudson is a multi-family developer that is currently completing Highline 519, a luxury condominium development located on West 23rd Street in Chelsea. Ken Cohen, founder of Pantheon Financial, said "We are thrilled with the closing of this loan. The loan is a great addition to our portfolio and is a product of the long-standing relationship that we've enjoyed with Canyon." In the past two years, Canyon Capital and its affiliate, the Canyon-Johnson Urban Fund, have provided debt and equity capital for several high-profile mixed-use developments 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. , including the acquisition of several large parcels of improved land located in the West Chelsea district and the development of One Hanson Place in the landmark Williamsburg Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. Building in Brooklyn. "The Tribeca transaction is consistent with Canyon's continued desire to capitalize quality residential and mixed-use projects in New York," said Jonathan Roth, Principal of Canyon Capital. |
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