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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $45 Million Financing
for Redevelopment Project in Montauk, N.Y.
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Friday, March 16, 2007
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New York, NY
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Sonnenblick Goldman, serving as the exclusive advisor to Distinctive Ventures, LLC, a Great Neck based real estate opportunity fund, has arranged a $45 million acquisition and construction loan for the conversion of The Panoramic View Hotel located in Montauk, N.Y. The non-recourse financing was provided by an offshore bank.
The Sponsor plans to develop the beachfront hotel into 70 one through four-bedroom condop (a co-op complex with condominium-style rules) units to be called Panoramic Villas. Averaging approximately 2,500 square feet, the residences are expected to sell for approximately $1,250 per square foot. The nine building complex, which includes four beachfront cottages, will feature amenities including an ocean front private beach, a heated pool, a state-of-the-art fitness center, a billiards room, library, entertainment room with catering kitchen and children’s play room for residents. Finished units will feature oak floors, hot tubs, flat-panel televisions, granite countertops and state of the art appliances. Distinctive Ventures expects the first phase of 27 units to be completed by the fall of 2007 and the full project build out by January 2009.
“We successfully secured the debt financing due to the lender’s confidence in Distinctive Venture’s plan for the conversion, the lack of comparable product in the market and the property’s irreplaceable, oceanfront location,” said Andrew Oliver, Managing Director and Principal of Sonnenblick Goldman.
Montauk is a popular beach town on the southeastern tip of Long Island. The Village boasts more than 50 hotels, inns, and guest houses, as well as numerous restaurants. Montauk is located 100 miles from New York City, making it a popular weekend destination and great location for second home buyers.
“Montauk has always had a reputation as a summer weekend retreat destination,” said Chris Whittleton, Director of Sonnenblick Goldman. “Now The Panoramic will offer residents access to the quaint seaside village all year round.”
For information on the Panoramic Villas, please visit www.panoramicview.com
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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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