News & Press
Multi Capital Closes on $32,000,000 Condo Conversion Loan
New York, NY
-- Multi Capital's Eli Verschleiser announced today that Multi Capital executives arranged and closed an 18 month loan facility for $32 million in connection with their client's purchase of 137-141 Duane St., a.k.a. 92 Thomas St. in the TriBeCa neighborhood of New York City.
Multi Capital was able to move with incredible speed, getting the lender to close the transaction within three weeks of bringing the lender to the deal.
The property located in the most desirable neighborhoods of NYC is currently a six-story building occupied on the lower level by Megu, a Japanese cuisine restaurant. The borrower intends to immediately convert the building from a luxury rental building to condominiums. The project's total square footage is approximately 74,000 square feet.
"For the most part, everything's converted, and developers are moving east to old office buildings around City Hall Park and into the North-West corridor, west of Hudson street, where some vacant space still lingers un-marketed," says Fred, a real estate investment banker at Multi Capital.
Multi Capitals' client for this transaction has been a leading multi-family / office building owner and operator for over 30 years. The developer has a proven track record of successfully developing and repositioning properties in all of the Tri-State markets. The client has extensive experience with all aspects of multi-family real estate including: land assemblage and planning, construction rehabilitation and residential condominium conversions. The developer owns and/or manages more than 5,000,000 SF of real estate in the New York Tri-State region.
Vincent Nicoletta, Esq. from Greenberg Nicoletta & Stein LLP represented the developer and James Hausman, Esq. from Meister Seelig & Fein LLP represented the lender in the transaction.
About Multi Capital LLC
Multi Capital, Inc. (www.Multi-Capital.com) is a nationwide finance company specializing in the full spectrum of real estate financing. Multi Capital is known for its expertise in arranging Senior Debt, Mezzanine, and Equity for Development Deals. With its financing experts originating from the real estate development arena, Multi has the expertise needed to syndicate these transactions.
Multi Capital provides a service that is unmatched in efficiency, speed, and thoroughness. Multi currently has over $600,000,000 in development deals in the pipeline.