Originations—5 Deals Under $30M


2121 State Route 27—$11Million

Morgan Stanley (MS) Mortgage Capital Holdings provided a $11 million loan for a research and development facility in Edison, New Jersey. The financing was via a 10-year, fixed rate securitized loan.

SEE ALSO: Maverick Secures $247M of Signature CRE Loans from Blackstone-Led Venture

2121stateroute27 fro top deals tif Originations—5 Deals Under $30M
2121 State Route 27 in Edison, N.J.

The facility, at 2121 State Route 27, is fully leased by Revlon Consumer Products Corp. and is being used as its worldwide research and development center for all the company’s brands.

HFF arranged the financing for an affiliate of Angelo, Gordon & Co., AG Net Lease Fund II. The property is part of the 247,245-square-foot Edison Towne Center.

HFF managing director Evan Pariser and director Michael Klein worked to represent the borrower in the deal. Angelo, Gordon & Co. is an investment advisor dedicated to alternative investing. Currently, it has roughly $22 billion of assets under management.

211 East 43rd Street—$27 Million

Mayrose Holdings LLC obtained a $27 million mortgage for an office building at 211 East 43rd Street in midtown Manhattan. The building is home to the Bolivian Consulate in New York, the office of City Councilmember Daniel Garodnick and State Senator Liz Krueger.

The property, which features office and retail space, is located two blocks from Grand Central Terminal and is 177,000 square feet, over 24 stories. The mortgage price per square foot is $136. The building has office rentals available ranging in size from 600 to 3,000 square feet, according to office listing Web sites.

Mayrose Holdings LLC is the owner/borrower, while Eastgate Realty manages the building. This mortgage was provided by HSBC.

537 West 27th Street—$26.3 Million

A $26.3 million mortgage for a property at 537 West 27th Street in Manhattan was finalized by W. 27th Street Rental LLC recently. Germany-based Landesbank is the lender. Landesbank’s U.S. headquarters is located at 280 Park Avenue in midtown Manhattan.

W. 27th Street Rental LLC is the borrower on record, but the owner is Westside Congregation of Jehovah’s Witnesses Inc. The mortgage that Landesmark provided had a price per unit of $295,557 and the mortgage price per square foot is $205. The loan-to-value ratio on the deal was 63 percent.

The property is a multifamily building featuring 128,000 square feet across 89 units and 13 floors. It includes Chelsea Muse, a contemporary 28-unit apartment building that started leasing units in the middle of last year. Those units range from 485 to nearly 1,300 square feet. The site the property was built on was acquired for development in 2007 for approximately $42 million.

Of the 535 total mortgages originated in February 2012, more than 50 percent, or 277, were for multifamily properties, according to data from Actovia.

72 Madison Avenue—$22 Million

The Moinian Group completed a $22 million mortgage deal for a loft building it owns at 72 Madison Avenue.

The building features 12 stories of loft offices at a total of 52,965 square feet; the mortgage price per square foot is $415. It is located between 27th and 28th streets near Madison Square Park. Tenants include corporate firms such as Wind-Up Entertainment and spiritual center Suhkyo Mahikari, according to the Moinian Group’s Web site.

In 2009, the Moinian Group completed a capital improvement campaign on the building, including upgrading the lobby and modernizing the elevator system.

Sharim, which is the borrower and owner, has an office at 530 Fifth Avenue.

Minneapolis-based U.S. Bank was the lender. U.S. Bank has an office at 100 Wall Street in Lower Manhattan as well as branches throughout the city.

Eleven finance deals were completed within the property’s 10016 ZIP code in February 2012, ranking it in the top five most-active ZIP codes in New York City in terms of financing during that month. The 10016 ZIP code includes the neighborhoods of Kips Bay and Murray Hill.

2100 Round Pointe Drive, Haverstraw—$22.5 Million

Marcus & Millichap (MMI) Capital Corp. arranged a $22.5 million loan for the refinancing of Parkside Apartments, at 2100 Round Pointe Drive in Haverstraw. The loan is adjustable for five years and has a loan to value ratio of 65 percent.

The apartments refinanced through this deal are part of the larger Harbors at Haverstraw. According to Steven Rock, a senior director in MMCC’s Manhattan office, the apartments are part of  “a breathtaking master-planned development on the Hudson River that was completed in the spring of 2011.” He added, in a statement about the financing, that the 110 units at the property are 70 percent leased.

The lender was Chase Bank.