NEW YORK CITY—The Georgetown Co. has secured $180 million in financing for the acquisition of 787 Eleventh Ave., an eight-story, 470,000-square-foot automotive dealership and service facility previously owned and occupied by Ford. The asset was delivered vacant at closing.
CBRE worked on behalf of Georgetown to secure an 18-month, non-recourse acquisition and pre-development bridge loan. Financing was provided by JP Morgan Investment Management. The loan, which includes three six-month extension options, affords the borrower and its partners the time necessary to complete their redevelopment plans and offers the flexibility to prepay and refinance with a larger construction loan, says CBRE.
Jason Gaccione, Shawn Rosenthal and Michael Sherman, of CBRE's capital markets' debt & structured finance team here, along with Russell Schildkraut of Ackman-Ziff, facilitated the financing on behalf of the borrower.
Using the existing building, 787 Eleventh Ave. ultimately will be redeveloped into a Class A commercial property expected to attract new office and retail users, as well as automotive users who already have a strong presence in the neighborhood.
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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.
