NEW YORK CITY–Mesa West Capital has provided Benchmark Real Estate Group with a $17 million first mortgage loan to facilitate the acquisition and repositioning of a West Village mixed-use apartment building. The financing was brokered by Jon Estreich, principal and Chris Barnet, broker, Estreich & Co. Inc.
The loan was secured by 455-457 Hudson, a six-story, 26,400 gross square-foot mixed-use apartment building containing 38 residential units and 2 retail stores. Part of the loan proceeds have been earmarked to allow Benchmark to immediately begin in-unit and base building upgrades, in order to to improve the building's marketability.
Over the past 24 months, Benchmark has acquired approximately a dozen properties with an aggregate value of nearly $200 million. This is Mesa West's second financing with Benchmark. In December 2012, Mesa West funded a $32 million loan for Benchmark's acquisition of a 94-unit rental building in the Gramercy Park submarket of Manhattan.
“Benchmark has a proven track record of creating value and driving NOI growth at the properties they own,” says Mesa West's Russell Frahm, assistant VP, who originated the financing. “The sponsor's efforts will dramatically improve the marketability of the asset and allow the sponsor to push rents in the desirable West Village.”
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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.
