(Read more on the debt and equity markets and more on the multifamily market.)
NEW YORK CITY-CB Richard Ellis Capital Markets New York has arranged close to $30 million in financing for the land acquisition of 67-69 Laight St., a 20,000-sf land parcel located in Tribeca. The loan was financed on behalf of Spanish-based Arranz Acinas Group, whose prospective development plans call for a 100,000-sf to 140,000-sf luxury condominium.
Construction for the condo development, equipped with amenities such as 100 parking spaces, is expected to be complete in 2010. In addition, the original landmark facade will be incorporated into the new structure, as designated by the New York City Landmarks Preservation Commission.
The two adjacent lots, located between Washington and Greenwich streets, are part of Tribeca's mixed-use special purpose district, according to a company statement. As a whole, the Tribeca luxury condominium developments have recently benefited from strong appreciation growth.
Spearheading the deal was Juan-Carlos Bujeda of the Madrid office and Keith Braddish of the New York City office. Also involved in the transaction were Barbara Pereira and Natale Giostra of the CBRE Capital Markets Madrid office. The groups secured 20 million euro in loans financed by Banco Sabadell and Banco Popular on behalf of the developer.
"We partnered with the CBRE Capital Markets Madrid office to provide this Spanish-based developer with the most cost effective capital in the marketplace," Keith says in a prepared statement. "Numerous domestic and foreign capital sources were approached. However, in the end the client's relationship banks won out."
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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.
