Helios Capital Advisors has been retained to provide advisory services on the sale of two non-performing first mortgages. The loans are secured by a development sites in Hell’s Kitchen and Harlem.
The firm, which opened its New York City office in January, will use a controlled bid process for the two loans. The first mortgage on the Hell’s Kitchen development site—80,000 square feet—has an unpaid principal balance of roughly $7.5 million. Meanwhile, the first mortgage on the Harlem property has an unpaid principal balance of $1.8 million. That site is located on Frederick Douglas Boulevard.
“Helios will use our established, controlled bid process to complete both of these sales,” Steven M. Schultz, chief executive officer for Helios Capital Advisors, said in a prepared statement about the assignment. “These diverse properties provide tremendous potential and we are sure they will attract much interest from knowledgeable investors.”
Based in Woodbridge, NJ, Helios opened a Madison Avenue location in response to over $300 million in transactions in 2011, the firm said at the time. Managing director Josh Malka and associate director Ben Shulman both work out of that office.
Mr. Malka said that, since opening, “Helios has sourced many exclusive assignments in the borough of Manhattan and the outer-boroughs from noted banks such as Northfield, BNB as well as two private lenders.”