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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $44.4 Million
in Debt and Equity for Upper West Side Property
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Wednesday, November 07, 2007
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New York, NY
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Real estate investment bank Cushman & Wakefield Sonnenblick Goldman recently arranged debt and equity financing totaling $44.4 million on behalf of West 75th Realty, LLC, for the acquisition and redevelopment of 164-168 West 75th St. Merrill Lynch Capital provided $35.9 million in senior acquisition and development financing while a major pension fund advisor provided $8.5 million in joint venture equity.
Originally built in the early 1920s as the Parc Lincoln Hotel, the property currently contains 214 residential units and ground floor retail space occupied by Cesca restaurant. The new owner’s plan is to complete the ongoing conversion of the property into a residential rental building which upon completion will contain 175 studio and one-bedroom units. The previous owner had completed the conversion of approximately 50% of the former SROs to market rent apartments when the property was put on the market.
“The rare opportunity to finance a Manhattan residential property with substantial upside was appealing to a number of lenders and equity investors and enabled us to structure a financing package on terms favorable to our client,” said Chris Whittleton, Executive Director at Cushman & Wakefield Sonnenblick Goldman.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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