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
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7thand final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve-month construction period.
MP Funds Management (MPFM) has made its first investment of 2019, a co-investment with another group that MPFM has a successful and ongoing co-investment relationship with. The acquisition of the Crossroads Homemaker Supercenter (the subject property) is an opportunity of scale and dominance in one of Australia’s most significant growth regions. The centre offers an existing net lettable area of 47,997sqm on 143,997sqm land over 4 separate lots. 93% of the property income is underpinned by national retailers including Bunnings Warehouse, Freedom, Fantastic Furniture, the Good Guys and Nick Scali.
Dexus today announced its result for the half year and reaffirmed its guidance for distribution per security growth of circa 5% for FY19. Dexus Chief Executive Officer, Darren Steinberg said: “It has been a productive six-month period where we have added value through enhancing our development pipeline and attracting new investors to our funds management business. This has all been achieved while maintaining low balance sheet gearing. “In our office portfolio we continue to outperform the MSCI office benchmark1 over one, three and five years through driving higher rents and lower incentives, particularly in Sydney which has been reflected in property valuations during the period. “In our funds management business, we now have $15 billion under management with investors and partners that can invest alongside us through the cycle, reinforcing our objective of being the wholesale partner of choice in Australian property.”
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