165 Lexington Condo Receives $ 48.5 Million Warehouse Loan

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Northwind Group Managing Partner Ran Eliasaf & 165 Lexington Avenue (Northwind Group, Brooklyn North Capital)

Northwind Group Managing Partner Ran Eliasaf & 165 Lexington Avenue (Northwind Group, Brooklyn North Capital)

Brooklyn North Capital and RiverBrook Equities have closed a $ 48.5 million loan for their 43 divisions. Kips Bay Condo Development from lender Northwind Group.

The two-year loan will recapitalize a project received earlier. $ 46 million in financing from S3 Capital Group in 2018.

After expected completion later this year, the 11-story building at 165 Lexington Avenue is set to sell for $ 82 million, with condos ranging from $ 800,000 to $ 3.5 million, according to the plan. The ground floor also has approximately 4,000 square feet of retail space.

Ryan Serhant’s team at Nest Seekers International is dedicated to marketing and sales. (The famous broker continues to work through his team at Nest Seekers on projects that started before he launched his new brokerage In the past year.)

Northwind Inventory Loan comes from $ 220 million debt fund raised last year. According to managing partner Ran Eliasaf, the fund targets special-situation loans in New York City, about 80 percent of which went to housing projects, condominiums or apartment buildings.

The loan for 165 Lexington is notable for the fact that construction of the project has not yet been completed and sales have not yet begun, which may scare off some lenders. Eliasaf said he was comfortable because he was confident the devices would sell well for their price. Sales are expected to begin this fall after construction is complete.

“Manhattan has a very active market under $ 3 million,” he said. “This is a good medium-sized business project that we think will be very successful.”

Alex Bailkin and Morris Bethesh from Meridian Capital Group acted as financial intermediaries.

Sales of new developments hit the record highs as developers reduced prices on some projects. In Manhattan, the number of new buildings in condominiums fell 11.5 percent on the number of units on the market in 2019, according to a recent report by Brown Harris Stevens’ new marketing development department.

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