Tuesday, September 16, 2014

W Financial provides $8.25 Million second mortgage for retail property in New York City’s Meatpacking District

NEW YORK, NY -- W Financial has provided an $8,250,000 second mortgage bridge loan for a three-story, 15,000 square foot retail property on West 14th Street in NYC's Meatpacking District, located near the High Line and at the nexus of what has become a highly sought-after location for luxury retailers.

 The property is a commercial condominium unit. W's loan is junior to a seller-provided, purchase money mortgage and was utilized to fund a tenant buyout so that a new lease can be signed with a new tenant at a much higher rent. Our borrowers will either refinance with a bank, or sell the property.

On select transactions W Financial is pricing its bridge loans as low as 8%, with terms as long as five years depending on the usual factors such as location, loan-to-value ratio, cash flow and quality of the sponsorship.

David Heiden
Click here to see recent bridge loans closed by W, and read our home page to get a better sense of which of your prospective loan scenarios might be in our "strike zone".

W will also consider providing construction loans in Manhattan or Brooklyn for experienced developers, as well as mezzanine loans, preferred equity and joint venture equity on well-located, cash-flowing properties.

Call me to discuss or contact my partner David Heiden | david@w-financial.com (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet | jarret@w-financial.com (212) 684-2205 to discuss your new bridge loan scenarios.

For a complete copy of the company’s news release, please contact:

Gregg Winter - Founder & Managing Partner
W Financial Fund, LP
Special Situation Financing for Commercial Real Estate ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1
recent news:

Marcus & Millichap Arranges Sale of Columbia Park Apartments in Tampa, FL for $1.325 Million

Michael Donaldson
TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Columbia Park Apartments, a 24-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $1,325,000 sales price equates to $55,208 per unit.

Michael Donaldson, vice president investments and Nicholas Meoli, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction. 

Columbia Park Apartments are located at 14309 North 18th Street in Tampa, Fla.  Built in 2004, the buildings are constructed of concrete block with a stucco exterior and are situated on approximately 2.36 acres of land. 

The property consists of three, two-story residential buildings comprised of entirely three-bedroom/two-bathroom units with 1,040 rentable square feet.  Interior amenities include full-size washer and dryer connections in all units, patios/balconies, spacious floor plans, ceiling fans in living rooms and fully equipped kitchens.

Nicholas Meoli
            “Bringing an REO foreclosure sale to market in 2014 is not what it used to be several years ago,” voices Michael Donaldson. “This property garnered so much interest from the local, national and international markets that our tour days were completely booked with upwards of several hundred inquiries into the property” adds Donaldson.

“Part of the appeal of the property was that it was a 2004 concrete block construction and the unit mix was comprised of entirely three-bedroom floor plans, making this a rare find in a property of this size,” says Nicholas Meoli.

“Through our extensive marketing campaign in conjunction with Auction.com, we were able to close on the asset with an out-of-state cash buyer who was attracted to the positive property attributes and proximity to USF and the surrounding hospitals,” concludes Meoli.

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700

Meridian Capital Group Arranges $17 Million in Permanent Financing for the Aloft Miami-Brickell Hotel Property Located in Miami, FL

Aloft Miami-Brickell Hotel, Miami, FL
Boca Raton, FL – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $17 million mortgage for the cash out refinance of the Aloft Miami-Brickell hotel property located in Miami, FL.

 The 10-year CMBS loan features a competitive fixed-rate of 4.86% and interest-only payments for the full-term.

 This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown, and Loan Originator, Brad Beattie, who are both based in the Company’s Boca Raton, FL office.

 The Aloft Miami-Brickell hotel totals 160 rooms and is located at 1001 SW Second Avenue in the financial district of Miami, FL. The property is conveniently located with easy access to Downtown Miami, Brickell, Port of Miami, Miami Beach and major attractions like American Airlines Arena and Bayside.

 “The hotel has been stabilized for six months,” said Mr. Brown. “Meridian created competition in the market to distill down to those lenders with intimate knowledge of Miami’s hospitality industry who could provide attractive financing, including full-term interest-only payments, based on six months of operations and the projected cash flows,” he added.

For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group, LLC

NAI Realvest negotiates a New and Three Renewal Leases totaling more than 14,000 Square Feet at Hanging Moss CommerCenter in Orlando, FL

Michael Heidrich
ORLANDO, FL – NAI Realvest recently negotiated a new lease and three lease renewal agreements for industrial space totaling 14,075 square feet at Hanging Moss CommerCenter in Orlando. 

 Michael Heidrich, a principal at NAI Realvest and associate Kristen Kemp represented landlord Hanging Moss SPE, LLC and brokered a lease transaction with Molimedic, Inc. who sells new, used and refurbished medical and lab equipment.  The new tenant leased Suite 510 with 2,000 square feet at 6100 Hanging Moss Rd. 

 Heidrich negotiated three lease renewals at Hanging Moss CommerCenter with longtime tenants  Food Factory, Inc. occupying 6,200 square feet and Joseph M. Hooper 1,875 square feet at 6148 Hanging Moss Rd, and with Henry Auad and Fabian Pinilla at 6112 Hanging Moss Rd. occupying 4,000 square feet.
For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

NAI Realvest Negotiates New/Renewal Leases at Goldenrod CommerCenter in Orlando, FL

Kristen Kemp
ORLANDO, FL – NAI Realvest recently negotiated a new lease for 2,206 square feet of industrial space at Goldenrod CommerCenter, 1468 N. Goldenrod Rd. in east Orlando.

Michael Heidrich, principal at NAI Realvest and associate Kristen Kemp brokered the transaction representing the landlord, Goldenrod SPE, LLC.  El Palo Fuerte LLC, an indoor baseball training firm, leased suite 210 with 2,206 square feet   

 Heidrich also brokered a renewal lease agreement for the same landlord.  Mobile Oval Auto Repair LLC renewed their lease of Suite 325 with 2,191 square feet at 1476  N. Goldenrod Rd. in Goldenrod CommerCenter.  

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com