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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES DEBT FINANCING FOR ATLANTIC TELECOM CENTER IN BROOKLYN, NY |
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Saturday, February 09, 2002
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New York, NY
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Acting as the exclusive financial advisor to Vanderbilt Holdings, LLC, a joint venture between Carlyle Realty and J.P. Morgan Partners, Sonnenblick-Goldman Company has arranged $30 million first mortgage financing for Atlantic Telecom Center, a 764,388 square foot carrier hotel in Brooklyn, New York. The financing was provided by an off-shore bank.
Atlantic Telecom Center, located at 470 Vanderbilt Avenue on a 3-acre city block, was built between 1913 and 1926 and originally served as a manufacturing building. Recently, the 10-story facility has undergone a $95.7 million renovation and has been converted to a 100% dedicated, state-of-the-art carrier hotel. Current tenants include Nextel Communications, Inc.; Williams Communications, LLC; Digital Island, Inc.; WorldCo, LLC; and a joint venture of Carlyle Realty and El Paso Global Networks.
"Although the technology sector has experienced dramatic changes in the past two years, the long-term fundamentals driving demand for carrier hotels - increased usage of the Internet and e-commerce opportunities, falling bandwidth prices, the need for disaster recovery facilities, and increased corporate outsourcing of data management - have continued unabated," said Andrew Oliver, Managing Director at Sonnenblick-Goldman Company. "Consequently, the long-term outlook for the New York market remains very positive."
Mr. Oliver continued, "Furthermore, the strength of Atlantic Telecom Center’s ownership attracted considerable interest from the lending community." |
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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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