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
More private investors will have access to individual, first mortgage secured loans, which produce a monthly income, via an online platform launched by Balmain Private.
In November 2017, real estate investment manager and advisory group, Ashe Morgan, closed its capital raising for its recent purchase of the Health and Forestry buildings in Brisbane adding to the assets it now manages on behalf of its investors.
Australia / Brisbane
For 2018, our investment decisions will continue to be driven by opportunities presenting strong property fundamentals and outstanding risk-adjusted returns, with a focus on primary capital cities across the Eastern seaboard.
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