(Read more on the debt and equity markets and more on the multifamily market.)
NEW YORK CITY-CB Richard Ellis Capital Markets arranged a $19.2-million loan to assist in the land acquisition at 1355 First Ave. Keith Braddish, managing director, along with VP Jason Gaccione, both of CBRE's Capital Markets group in New York, have secured the loan on behalf of Bluerock Real Estate LLC to facilitate the land acquisition and pre-development of a 51-by-100 foot land parcel at 1355 First Ave.
Development plans for the site consist of a 34-story, ultra-luxury boutique style condominium building containing approximately 100,000 sf. Ownership envisions primarily large full-floor family-sized apartments. CBRE Capital Markets tells GlobeSt.com that they are not financing the development, only the land acquisition, so they could not provide further information. Bluerock could not be reached for comment regarding further information of the project by deadline.
The bridge facility was structured on an interest-only, non-recourse basis, with a competitive rate over Libor. 1355 First Ave. is located within one of Manhattan's premier residential neighborhoods, mid-block on First Avenue between 72nd and 73rd streets.
"This is the third major residential condominium development undertaken by Bluerock Real Estate within the past 24 months," Keith says. "They are currently building two major condominium developments along Miami Beach, which are both substantially pre-sold."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
