Posted Oct 31, 2016, 10:26 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Great State of NJ
Posts: 49,295
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NEW YORK | 106 Fulton Street | FT | 15 FLOORS (Conversion)
Project: 106 Fulton Street (Conversion)
Quote:
Meridian Capital Group has arranged a $45 million short-term loan for DSA Property Group’s purchase of a 15-story dormitory at 106 Fulton Street from Pace University, sources have told Commercial Observer.
Ladder Capital provided the two-year debt, which carries a Libor-based floating-rate with interest-only payments and a six-month extension option. Meridian’s Avi Weinstock, Ronnie Levine, Josh Rhine and Luke Hingson negotiated the financing on behalf of the borrower.
The 1910 building is slated for another reconversion: DSA “is planning a light renovation of the building to quickly bring the units to market at relatively affordable rents,” according to a NGKF release exclusively provided to CO about the sale. Pace had converted the once-office building into dorms in 1999. Burger King currently occupies the 3,543-square-foot retail space on the ground floor of the building, with a lease set to expire in 2020, according to data from CoStar Group.
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https://commercialobserver.com/2016/...m-buy-in-fidi/
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