10A — September 15 - 28, 2017 — Appraisal — Financial Digest — M id A tlantic
Real Estate Journal
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A ppraisal Robert Verrone and Robert Vernicek of Iron Hound Management Company broker deal Kushner Companies provides $24.5 million land loan to Somerset Partners on two Mott Haven sites
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path to reach its goal of provid- ing $250 million in real estate lending this year, which rep- resents a substantial increase over last year. “We're actively pursuing high-value lending opportu- nities for Kushner Credit Op- portunity Fund, and this deal had all the right ingredients: a great sponsor, development sites with tremendous poten- tial, and a neighborhood expe- riencing a wave of investment and renewed vibrancy," said Laurent Morali , president of Kushner Companies. 9 Bruckner Blvd. is a vacant,
two-story warehouse that will eventually be re-developed into retail space. 2413 Third Avenue, located one block away, is a future develop- ment site that is expected to include retail and residential components. Robert Verrone and Rob- ert Vernicek of Iron Hound Management Company bro- kered the deal. n Lucro announces general availability of Financial Modeling Suite CHICAGO, IL — Lucro , a provider of modern financial modeling solutions for commer- cial real estate investing, an- nounces the public launch of its multifamily product. Immedi- ately available, Lucro’s online platform enables multifamily real estate brokers, developers, and investors to quickly and accurately create, validate and share robust financial models under any investment hypoth- esis, including the purchase of existing assets and ground-up development. Lucro is the first and only complete modeling solution, al- lowing users to analyze income, expenses and capital structure within a single industry-stan- dard platform. Rent rolls and historical operating statements are transformed into working financial models in seconds, automating a once arduous and time-consuming task. Lucro also offers users the ability to effortlessly collaborate with peers in a transparent and easy-to-use application – pro- viding clear visibility into cash flows throughmultiple layers of debt and equity, and the ability to analyze a deal over multiple assumption sets. “In multifamily real estate investment market, the con- versation should be about the assumptions, not the model,” said Brian Axline , founder and CEO, Lucro. “The mar- ket is underserved by current product offerings, relying on Excel as the cornerstone of deal forecasting and sharing. The result is an inefficient, error- prone and fragmented industry modeling methodology. Lucro is able to offer the multifamily industry an extraordinary level of efficiency and automation that will result in organiza- tions getting more deals done faster.” n
EW YORK, NY — Somerset Partners has completed a $24.5
million land loan from Kush- ner Companies , which will help spur the redevelopment of two parcels in the South Bronx neighborhood of Mott Haven – 9 Bruckner Blvd. and 2413 Third Avenue. This marks the latest transaction for Kushner Credit Op- portunity Fund , the lending arm of Kushner Companies. The loan closed on August 29, 2017. This loan keeps Kushner Credit Opportunity Fund on a
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