CGA Mortgage Capital Lends $52M on Blue Sky’s Morningside Heights Resi Buy
By Mack Burke July 24, 2019 4:33 pm
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CGA Mortgage Capital has provided roughly $52 million to Blue Sky Real Estate Development to facilitate its purchase of an apartment building at 3060 Broadway in Morningside Heights, city records show.
The financing includes a new $27 million gap mortgage that helped cover Blue Sky’s $47.2 million purchase of the property from an ownership group, led by Coltown Properties, that had purchased the building from the Jewish Theological Seminary of America in 2016 — the seminary leased back the property following the sale.
A source with knowledge of the deal told Commercial Observer that Barnard College has signed a long-term lease at the property, which will serve as housing for undergraduate students.
The Jewish Theological Seminary of America sold the property in 2016 for just over $35 million to a joint venture among Coltown, Esplanade Partners and Avenue Realty Capital, The Real Deal reported at the time. The joint venture’s purchase was facilitated by a $25 million mortgage from New York Community Bank (NYCB).
The remaining $25 million in this new financing is an assignment and subsequent consolidation of the previous NYCB mortgage of the same amount from 2016, according to records.
Built in 1913, the six-story, roughly 48,000-square-foot mixed-use property includes 36 apartments and around 3,000 square feet of retail space, according to PropertyShark.
A representative for Blue Sky did not immediately respond to an inquiry.
