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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges $95 million Loan
for Acquisition and Condominium Conversion of
650 Sixth Avenue, New York, New York
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Friday, October 21, 2005
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New York, NY
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Sonnenblick-Goldman Company, serving as exclusive advisor to Westport Group, Inc., has arranged a $95 million, non-recourse loan for the acquisition and redevelopment of 650 Sixth Avenue. 650 Sixth Avenue is a six-story loft building located at West 20th Street in Manhattan’s trendy Chelsea/Flatiron neighborhood.
The acquisition marks Westport Group’s first foray into the New York City condominium conversion market. Westport Group is a private real estate investment firm headed by Klaus Kretschmann, formerly of GIC Real Estate and Lazard Freres. Westport’s significant redevelopment plan for the asset includes re-leasing/repositioning the retail, adding a seventh floor penthouse level, and converting floors two through six to luxury, loft-style residential condominiums. The project is expected to be completed by late-2006.
“The substantial growth in demand for well-located Chelsea condominiums creates heated competition for buildings like 650 Sixth Avenue,” notes Rick Swartz, Managing Director and Principal of Sonnenblick-Goldman, “It is quite rare to find an asset that can offer such a prime corner location, with protected light and air, high-ceilings and the potential for exceptional outdoor space.”
The transaction was closed on an expedited schedule to meet the stringent demands of Westport’s purchase contract.
“The loan was funded by Bear Stearns Commercial Mortgage, Inc., a major Wall Street investment bank,” highlights Alex Hernandez, Vice President of Sonnenblick-Goldman, “Reaffirming the trend of major Wall Street capital providers competing for market share in this high-margin sector of the lending market.”
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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