Sonnenblick-Goldman arranges two deals totaling $270m.Sonnenblick-Goldman Company has arranged $270 million in deals in two separate transactions this week. In the first, Sonnenblick-Goldman Company, as financial advisor to SLG See stereo lithography. 100 Park LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , arranged a $175,000,000 debt recapitalization for 100 Park Avenue. The owner is a joint venture between and affiliate of SL Green Realty Corp. and Prudential Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , which is acting on behalf of investors. The proceeds from the recapitalization will be used to completely renovate the asset. Not only does the renovation contemplate a new lobby, entrance, and facade, but also the entire mechanical system and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free system will be re-fitted to provide state-of-the-art services. The 36-story, 847,633 s/f building's impressive tenant roster includes Altria, J&W Seligman Co., Inc., Interep National Radio Sales, HQ Global Workplaces and Goodkind, Labaton, Rudoff & Sucharow. Sonnenblick-Goldman's financing team was led by Morton Holliday, managing director and included Mark Ehlinger, director, Alex Hernandez, vice president and Amy Shah, analyst. Sonnenblick-Goldman Company, serving as exclusive advisor to Westport Group, Inc., also arranged a $95,000,000 non-recourse loan for the acquisition and redevelopment of 650 Sixth Avenue. 650 Sixth Avenue is a six-story loft building located at West 20th Street in Manhattan's trendy Chelsea/Flatiron neighborhood. The acquisition marks Westport Group's first foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my the 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. condominium conversion market. Westport Group is a private real estate investment firm headed by Klaus Kretschmann, formerly of GIC GIC See: Guaranteed Investment Contract GIC See guaranteed investment contract (GIC). Real Estate and Lazard Freres. Westport's significant redevelopment plan for the asset includes re-leasing/ repositioning the retail, adding a seventh floor penthouse level, and converting floors two through six to luxury, loft-style residential condominiums. The project is expected to be completed by late-2006. "The substantial growth in demand for well-located Chelsea condominiums creates heated competition for buildings like 650 Sixth Avenue," notes Rick Swartz, Managing Director and Principal of Sonnenblick-Goldman. "It is quite rare to find an asset that can offer such a prime corner location, with protected light and air, high-ceilings and the potential for exceptional outdoor space." The transaction was closed on an expedited schedule to meet the stringent demands of Westport's purchase contract. "The loan was funded by Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Commercial Mortgage, Inc., a major Wall Street investment bank," said Alex Hernandez, Vice President of Sonnenblick-Goldman. "Reaffirming the trend of major Wall Street capital providers competing for market share in this high-margin sector of the lending market." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion