ART announces $60m Spring Street loan.
Tranche A was a $47,900,000 loan placed under the Bridge product line and Tranche B was an $11,400,000 loan placed under Arbor's Mezzanine product line to refinance a residential condominium conversion located at 60 Spring Street, New York, NY The Borrower's sponsors are Africa Israel Investments Ltd., a major Israel-based holding and investment company, and Boymelgreen Developers, LLC, an active New York City-based company that has completed 15 real estate projects in NYC and Toronto, Canada, since 1996.
Both loans carry a 12-month term with one 12-month extension and are interest only.
Tranche A's note rate is LIBOR + 500 basis points, with a LIBOR floor of 1.10%. Tranche B's note rate is LIBOR + 600 basis points, with a LIBOR floor of 1.10%
The loan was originated by Fred Weber, Executive Vice President and Managing Director of Structured Finance and Principal Transactions, and was underwritten in ART's full-service Uniondale lending office.
"This transaction is an excellent demonstration of Arbor's ability to execute a complicated transaction--which, in this ease, involved both bridge and mezzanine financing--in an extremely tight timeframe and to exceed the expectations of our institutional-quality client," said Mr. Weber.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Mar 24, 2004|
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