United States of America
Mar 06 2017Add to Favorites
Miriam Hall, The Real Deal
Lloyd Goldman’s BLDG Management locked down $70 million to refinance its rental building on Broadway on the Upper West Side.
State Farm Realty Mortgage provided the mortgage for the 26-story property at 2380 Broadway and West 87th Street, according to records filed with the city Monday. The financing includes a new $39.5 million mortgage and replaces an outstanding $40.5 million on a $43 million loan issued by Signature Bank in 2010.
The building at 2380 Broadway has 156 units across 225,00 square feet, according to PropertyShark. The building also six commercial units, two of which are leased to CityMD and Starbucks.
BLDG Management has projects throughout Manhattan. Last month, the firm picked up a two-story commercial building at 7 East 53rd Street for $15.2 million. In 2016, the company paid $37 million for three walk-ups in Murray Hill. The firm is also developing a 429-unit building on East 44th Street.
Representatives for BLDG Management and State Farm could not be immediately reached for comment.
State Farm Realty Mortgage, the real estate lending arm of the Illinois-based insurance and financial group, occasionally lends on properties based in New York City. In 2014, it provided a $35 million loan for Rudin Management’s One Battery Park Plaza.
SOURCE: The Real Deal
The current investment landscape in Australia is driven by a range of factors, not least the 2019 federal election, and the view is that the result of the Wentworth by-election, a seat that has historically been monopolised by the Liberal Party, will be the foreshadowing of the federal outcome. The Australian equities market is experiencing volatility, with a 200 point drop last week in the S&P ASX index, the largest drop this year and potentially the result of sentiment surrounding geopolitical headwinds with the latest developments relating to the trade war between the USA and China. Global bond rates remain low, and despite incremental increases, interest rates are too low to be attractive from an investment perspective.
In an ongoing low-interest rate environment on savings and with banks withdrawing from property and construction financing, investment groups like Centennial Property Group are seeing value in providing first mortgage funding for property development, recently settling a $48m loan for a mixed-use retail/residential development in Sans Souci, NSW
With the combined influences of a cooling residential property market and heightened bank scrutiny on all aspects of real estate lending, traditional debt sources are, in many cases, closed to developers and commercial real estate investors, particularly where circumstances require a specific funding solution.
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