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Related Originates $100M Loan For Condominium Conversions

NEW YORK CITY-The developer plans to make four buildings with over 700 units into condos; it also originated a $34 million loan to acquire property in Santa Ana, CA.

By Rayna Katz | Updated on January 09, 2014

NEW YORK CITY-Related Cos. has closed on two mezzanine and bridge debt investments in New York City and Santa Ana, CA as part of its credit platform.

Related, along with its partners, originated a $100 million mezzanine loan for the acquisition and condominium conversion of four apartment buildings containing 743 units in New York City. The properties are in the desirable and supply constrained neighborhoods of the Upper West Side, Midtown West, and Gramercy Park and the investment represents the opportunity to quickly reposition the properties as condominiums at an attractive price point, delivering units in as early as 12 months. The sponsor had a well-established track record of delivering marquee residential product in the New York City market.

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