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Multi Capital Group (MCG) Closes $32 Million Dollar Condo Conversion Loan

Multi Capital Group's Eli Verschleiser today announced that Multi Capital executives arranged and closed an 18 month loan facility for $32 million in connection with its client's purchase of 137-141 Duane St. aka 92 Thomas St. in the TriBeCa neighborhood of New York City.

Multi Capital was able to move with incredible speed, getting the lender to close the transaction within three weeks of bringing the lender to the deal.

The property located in the most desirable neighborhoods of NYC is currently a six story building occupied on the lower level by the famous Japanese cuisine restaurant, Megu. Megu reportedly invested in excess of $7 million dollars into the restaurant. The borrower intends to immediately covert the building from a luxury rental building to condominiums. The project's total square footage is approximately 74,000 square feet.

"For the most part, everything's converted, and developers are moving east to old office buildings around City Hall Park and into the North-West corridor, west of Hudson street, where some vacant space still lingers un-marketed" says Fred Stein, a real estate investment banker at Multi Capital Group.

Multi Capitals' client for this transaction has been a leading multi-family / office building owner and operator for over 30 years. The developer has a proven track record of successfully developing and repositioning properties in all of the Tri-State markets. The client has extensive experience with all aspects of multi-family real estate including: land assemblage and planning, construction rehabilitation and residential condominium conversions. The developer owns and/or manages more than 5,000,000 square feet of real estate in the New York Tri-State region.

Vincent Nicoletta, Esq. from Greenberg Nicoletta & Stein LLP represented the developer and James Hausman, Esq. from Meister Seelig & Fein LLP represented the lender in the transaction.

About Multi Capital Group

Multi Capital Group (www.Multi-Capital.com) is a national Real Estate Investment Banking firm prominent in debt and equity placement, investment sales, and commercial and residential loan sales. Its clients include some of the most active developers and institutions both nationally and in the New York metropolitan area.

     
   Multi Capital Group
   New York,    NY,    10005
   USA
   212.742.9300 (phone)
   www.Multi-Capital.com