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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges $125 Million Financing
Of Residential Land Portfolio
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Wednesday, March 08, 2006
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New York, NY
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Sonnenblick-Goldman, LLC has arranged a $125 million, non-recourse loan for the acquisition and initial infrastructure development of a residential land portfolio located in Loudon County, Virginia. The portfolio consists of land that will be improved into a single, planned unit development of predominantly single-family residential housing and other ancillary commercial development. The loan was provided by iStar Financial (NYSE:SFI), the publicly traded finance company.
The financing will allow the developer to complete the acquisition of the land, refinance existing debt as well as fund pre-development, initial infrastructure and land development costs for improvement into finished lots for sale to homebuilders.
The property is located in Loudon County in the northern tip of Virginia approximately 25 miles west of Washington, DC. Loudon County was recently ranked as the second fastest growing county in the nation and is the fastest growing county in the Washington, DC metro area. The population growth in this region (42% in the past six years and growing), much of which is technology related, has led to an unprecedented construction boom, particularly in the homebuilding market. The proposed development will be well positioned to capitalize on this phenomenal growth.
“Loudon County’s position as one of the top homebuilding markets in the nation coupled with the strong demographics of the overall Washington, DC metro market made this financing opportunity appealing to a number of lenders,” said Richard B. Swartz, Managing Director and Principal of Sonnenblick-Goldman, LLC.
“In addition to the strong market fundamentals of Loudon County, lenders were also attracted to the opportunity as it is one of the few fully entitled residential land assemblages of scale in an increasingly land constrained market,” added Chris Whittleton, Director of Sonnenblick-Goldman Company.
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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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