120 Greenwich Street

New York, New York

The following transactions were all structured, arranged and capitalized on behalf of the same client for the same property.  This enabled the client to maximize his profits.  


 

Acquisition/Redevelopment/Construction Loan

Represented the purchaser of a record warehouse located at 120 Greenwich Street.  Arranged for an acquisition/redevelopment/construction loan to enable the purchaser to convert the warehouse to a 103 unit multifamily rental building.


 

First Mortgage & Mezzanine Loan Permanent Financing

The building was successfully converted and leased to residential tenants.  At stabilization and on behalf of the same client, arranged for a long-term first mortgage and mezzanine financing to pay off the acquisition construction financing, which was used to convert the building from a warehouse. 


 

Condominium Conversion Capitalization

Condominium price increases resulted in a large profit potential from the conversion of the property to condominium ownership.  On behalf of the same client, we arranged a first mortgage construction loan, plus mezzanine debt, plus a structured equity transaction to enable the owner to prepay his long-term financing and to provide the necessary capital to convert the building into a 103-unit condominium project. 


 

Air Rights Sale

While the property had unused FAR which would have enabled our client to add onto the roof of its building, the adjacent building was to be demolished and sold as a potential development site.  At the same time as we were capitalizing the condominium conversion of the existing building, we represented the same client in selling its unused air rights to the purchaser of the adjacent site.  This enabled our client to realize the value in the unused FAR, while allowing the immediate conversion of the existing structure.

 

Fixed Rate Financing

After the successful and complete sellout of the residential condominium space, the sponsor held the first floor retail condominium space and leased it to two restaurants.  Arranged 5 year fixed rate financing to take additional money out of the property.
RED OAK CAPITAL ADVISORS, LLC
Samuel M. Guss - Founder and Principal
Morristown, NJ - 07960
973-402-0244

Representing owners, acquirers, developers, investors, sellers, lenders and advisors.