Longview works out developer's cash plan.

Longview Capital Advisors advised on and secured financing for PDS Development Corp. to acquire three industrial properties in Brooklyn and Queens for an aggregate project cost of $42 million. The three properties total 460,000 s/f.

PDS recently closed on the purchase of a 100,000 s/f historic industrial building at 168 Seventh Street in Park Slope with a project cost of $10.2 million.

In May, the company purchased a 230,000 s/f multi-tenanted industrial building in Brooklyn's Sunset Park Empire Zone.

The project cost was $16.5 million. PDS is now in contract to acquire a third property, a 130,000 square foot industrial building in Long Island City. The project cost will be $14.5 million.

Longview structured and arranged for the outside equity in each project and advised on the debt portion as well. Longview placed the debt for two of the transactions. The third is being financed through a relationship of the equity investor, which Longview introduced to PDS.

As a group, the PDS principals have been converting vacant or underutilized industrial properties in Brooklyn and Queens successfully for the past 15 years. To purchase more and larger properties, the company needed a comprehensive financial strategy, said Mitch Draizin, Longview president.

"Because the PDS business plan called for repositioning and redeveloping property, we have been able to optimize loan proceeds through bridge mortgage financing," Draizin said. "We also introduced PDS to an equity investor, Hudson Realty Capital LLC, whose principals have the experience, knowledge, commitment and financial strength to work with PDS on its planned acquisition program going forward."