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CASE STUDIES

Case Studies

120 Greenwich Street, New York, NY
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.  
Union Hotel, New York, NY
Represented the developer of new 4-story Union Hotel in the Park Slope section of Brooklyn. Hired in late 2008 after the real estate crash, Red Oak nevertheless was able to arrange and structure a construction loan package to develop this unique project. After the property was complete and the bank that had made the construction loan had failed (unrelated to this loan), with less than one year of operating results, Red Oak obtained a ten year fixed rate loan to pay off the fund that had purchased the construction lender's loan portfolio.  As an added bonus, because the project was successful and could be repaid at par, Red Oak negotiated a reduction of the accrued interest in the construction loan.  This permanent financing enabled the Client to pull out substantial equity. 
96 8th Avenue, New York, NY
RED OAK CAPITAL ADVISORS served as Exclusive Advisor to the owner of a mixed-use property, well-located in the Chelsea neighborhood of Manhattan.  

When Red Oak was originally hired, the client had a very expensive construction loan which had run out of interest reserve. It needed to replace that loan but the property was not yet stabilized.  In the first of a two transaction strategy, Red Oak arranged a bridge loan to pay off the existing financing and provide time to stabilize the property.  Nine months later, after stabilization, Red Oak arranged a traditional bank first mortgage putting cash in the Client's pocket and leaving it with significant cash flow after debt service.
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