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.
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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.
