www.marejournal.com F inancial D igest F eaturing L ender ’ s D irectory 56-unit 333 Greene Ave. now nearly 100% leased Eastern Union funding arranges $26m for Bonjour Capital’s multifamily tower N EW YORK — East- ern Union Funding refinanced a 12 story M id A tlantic
Real Estate Journal — November 14 - 27, 2014 — 7A
borhood—its lavish structure, stunning views and incredible amenities enhance the stan- dards set by the community.” Dayan says that 333 Greene has only one vacancy--the first update on the building’s status since word broke in April of this year that the building’s 56-units were completed and marketable. Additionally, the penthouse which was last re- ported as off-market has been rented. When purchased, 333 Greene was an unfinished skeleton of a building, a dra- matic contrast to what are now pristine lofts and apartments with floor-to-ceiling windows, stainless steel appliances and Caesarstone countertops.
“Charles built a lot out of what could have been com- pletely unused space,” said Ira Zlotowitz , president of Eastern Union Funding. “The due diligence it took to take a building that was headed in the wrong direction, and pull an efficient 180 can’t be overstated.” The loan was arranged by Eastern Union Funding, and underwritten by Shaya Son- nenschein , who was recently promoted to managing director after heading an underwriting division in the company for the past decade. It features an in- terest rate of 3.45% on a seven year term and was provided by Mercantile Bank . n
tower at 333 Greene Ave., a $26 million loan which official- ly brings life to a construction project that fell victim to the recession before it was bought out of foreclosure by Charles Dayan , owner of Bonjour Capital , in 2013. “The team at Eastern to- gether with our team closed the deal very quickly, without any hitches and with every- body’s goodwill it was a smooth process.” Dayan said. “With permanent financing in place and the building 99 percent leased, 333 Greene compli- ments this emerging neigh- PITTSBURGH, PA — HFF announced that it has closed the sale of the Crowne Plaza Pittsburgh South, a 179-room hotel across from the South Hills Village Mall in Pittsburgh. HFF marketed the proper- ty on behalf of the SageCrest Liquidating Trust , rep- resented by its liquidating trustee, Jack Huber , and portfolio director Christo- pher Brown , bothmanaging directors of SOLIC Capital, LLC . OxfordDevelopment Corporation purchased the hotel unencumbered with management for $6.1 million. The Crowne Plaza Pitts- burgh South is situated on a 5.4-acre site at 164 Fort Couch Rd. in Pittsburgh’s South Hills area, which is 10 miles from downtown. This places the hotel near demand drivers such as Southpointe Office Park as well as lei- sure destinations including PNC Park, Station Square, Heinz Field and Rivers Ca- sino, among others. The property has 13 suites and 13 extended stay suites in addition to the guest rooms. Hotel amenities include an outdoor pool, fitness center and business center. The hotel also features 15,000 s/f
333 Greene Ave.
HFF closes $6.1 million sale of Crowne Plaza Pittsburgh South, a 179-room hotel
$9.65m cash-out refinancing arranged by Marcus & Millichap Capital Corporation
ing that allows for possible property redevelopment in three to five years,” said Cas- sidy. “We demonstrated to the borrower our ability to execute on a transaction of this size, sourced a local bank that structured terms aligned with our client’s goals and maximized cash flow without over-leveraging risk.” The loan is fixed for five years at 4.35% with 25-year amortization. The first two years of the term are interest- only, with no prepay for years three, four and five. The LTV is 58%. n
HYATTSVILLE, MD — Marcus & Millichap Capi- tal Corp. (MMCC) , a pro- vider of commercial real estate financing and capital markets expertise, has arranged $9.65 million in cash-out refinancing for a 77,000 s/f retail build- ing in Hyattsville. Jared Cassidy , associate director in MMCC’s Washington, DC office, arranged the financing. “Amaturing CMBS loan and a Washington Metropolitan Area Transit Authority light rail station that’s been pro- posed near the site prompted the borrower to seek refinanc-
Crowne Plaza Pittsburgh South
of meeting space throughout 10 rooms. The HFF investment sales team representing the seller was led by managing director Denny Meikleham , senior managing director Mark Popovich and senior real estate analyst Alan Suzuki . SOLIC Capital, LLC pro- vides financial advisory, prin- cipal investing and distressed asset management for mid- dle-market companies. For 50 years, Oxford Devel- opment Company has stood
at the forefront of the mar- ketplace as a developer and full service commercial real estate provider with experi- ence in the local, regional and national marketplace. Its portfolio in the specialty as- set classes of healthcare, and sports and entertainment projects alone consists of $1.2 billion in development man- agement and construction. All told, the firmhas provided project management services for clients on projects totaling over $9 billion. n
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