The Manhattan-based advisory specializes in commercial debt and equity transactions as well as loan restructuring and workout solutions for troubled financing. Iron Hound’s offerings include permanent financing, acquisition financing, construction financing, bridge loans, mezzanine debt, joint venture equity and recapitalizations. The firm also brokers debt and equity placements.
In past years, Iron Hound notably worked on major financing agreements like Kushner Companies’ loan at 666 Fifth Avenue in 2012, and then expanded around the country with major nine-figure agreements. That included a $380 million loan from SL Green Realty Corp. to refinance Gramercy Square; a $204 million loan to refinance a Chetrit Group luxury condominium property in Tribeca; a $202.5 million loan for a luxury residential tower in downtown Jersey City; $125 million to refinance a mixed-use building in Brooklyn; a $217.5 million loan to refinance a Chetrit’s portfolio of multifamily properties spanning five states.
Iron Hound took center stage again in the COVID-caused economic chaos. The firm negotiated modifications for a $129 million loan for a mall in Puerto Rico that suffered significant coronavirus-related distress, for instance. It included a reduction, extension, and a conversion from amortization to interest-only payments.
Verrone, who negotiated the 660 Madison modification, said in 2020 that he’s engaged in dozens of different workouts ranging from amortizing debt over a longer period of time to negotiating over lowering a loan’s principal.