-- Five architecturally significant elevator pre-war buildings will be converted to 199 rental apartments --
Eastern Consolidated’s Capital Advisory Division has arranged a $60 million first mortgage bridge loan to finance the acquisition of the five-building St. Luke’s Morningside Heights Pavilion Portfolio.
Bank of the Ozarks provided the $60 million loan for the borrower, Delshah Capital, which purchased the portfolio for $111.5 million and also received a separate $17.5 million mezzanine loan from Square Mile Capital.
Adam Hakim and Sam Zabala, Managing Directors in Eastern Consolidated’s Capital Advisory Division, handled the transaction. James Murad, Director, Financial Services, served as the analyst on the deal.
“This portfolio consists of five architecturally significant elevator pre-war buildings on West 113th and 114th Streets that can be converted to residential use as-of-right,” Hakim said. “When completed, the conversion will offer 199 rental apartments across 201,481 rentable square feet and 3,776 rentable square feet of community facility space.”
Zabala added, “The completed portfolio will offer luxury rental product in Morningside Heights featuring rooms with 11- to18-foot high ceilings throughout and top quality amenities including elevators, doormen, fitness center, storage, library, business center, outdoor space, high-tech integration, and amazing views.”
Delshah Capital is a full-service, vertically integrated commercial real estate investment firm specializing in acquiring, developing and operating multifamily and retail properties throughout New York City.
Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
