NEW YORK CITY-Iron Hound Management Co., announced it has completed over $400 million in loan modifications and refinancing on two New York-based properties.
Iron Hound, which recently expanded its reach on the brokerage side to include loan debt and equity placement, structured the payoff of the $106 million defaulted securitized loan and the placement of new debt with Starwood Capital on 2 W. 46th St. and 369 Lexington Ave. for sponsors Joe Stavrach/Faraj Srour. The 17-story tower at 46th street houses 150,000 square feet of office space and 17,000 square feet of retail, while the 28-story tower at 369 Lexington boasts 108,000 square feet of office space and 20,000 square feet of retail.
In addition, Iron Hound and its team of industry veterans restructured a $300-million securitized loan, with LNR, for Bush Terminal, a 6.1-million-square-foot industrial complex in in the Greenwood Heights neighborhood of Brooklyn. The leasehold interest on that property was sold last week.
“This is the second modification that Iron Hound arranged on this asset for sponsor Ruby Schron,” says Robert Verrone, principal. “In the most recent modification, a team comprised of Belvedere Capital, Jamestown Properties and Angelo Gordon were brought into the deal. Iron Hound arranged the assumption and restructured the existing modification to give the new borrowing entity the ability to put more capital into the project, gain a higher preferred return, and more favorable back-end splits.”
The complex, which is home to a diverse mix of businesses, from artisans and apparel manufacturing to data centers and warehousing, is in the midst of a 10-year modernization and preservation program and will use the cash injection for post-Hurricane Sandy repairs, among other asset improvements.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
