Lightstone Capital Lends $52M on Midtown South Office Portfolio
R&B Realty Group has inked a $52 million debt package to refinance two Midtown Manhattan office properties, Commercial Observer can first report.
Lightstone Capital supplied the senior loan for the 152,000-square-foot portfolio at 28 West 36th Street and 32-36 West 39th Street. The deal was led by Eugene Rozovsky, senior managing director at Lightstone Capital.
Lantern Real Estate’s Tal Bar-Or, David Strongwater and Harris Brown negotiated the financing.
The property on West 36th Street is a 12-story, 66,000-square-foot, Class B multi-tenant office building with ground-floor retail. It has a diverse tenant mix including title agency, photo studio, investment firm and philosophical studies school.
The 14-story West 39th Street building is comprised of a 86,000-square-foot Class B multi-tenant office building, also with ground-floor retail that includes a Colbeh restaurant. The property is in the process of being converted to office condominiums with full sales expected to begin by the third quarter.
“This portfolio consists of a high-quality, cash-flowing office building offering affordable rents and a best-in-class boutique commercial condominium building with competitive pricing, both in excellent locations,” Rozovsky said in a statement. “It has a diverse tenant base, from professional services to family businesses to entrepreneurs. These buildings are historically 90 percent occupied and we believe the condominiums will sell briskly.”
Rozovsky noted that Lightstone closed the transaction in 10 business days. The lender has executed more than $200 million in loans so far in the first quarter and expects to hit $750 million for the entire year, Rozovsky added.
“We’re thrilled to have partnered with a team that shares the same vision and will enable us to execute our business plan as New York City continues to strengthen,” Aron Rosenberg, founder and CEO of R&B Realty Group, said in a statement.
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