NEW YORK CITY — Square Mile Capital Management, a real estate investment management firm based in New York, has been on a roll in the past month, originating multiple loans totaling over $580 million throughout the Tristate area in New York and New Jersey.
The transactions presented Square Mile an opportunity to partner with well-known New York and New Jersey developers on projects across different asset classes, including multifamily, office and retail, said Square Mile Principal Sean Reimer in a prepared statement.
Loan transactions include a $200 million loan to The Chetrit Group for Park Hill City, a three-building, 481-unit multifamily complex located in the Jamaica submarket of Queens. Proceeds will go to paying off the existing construction loan and completion of the building and lease-up to stabilization. Galaxy Capital Solutions arranged the transaction.
Following is a $180 million Pacific Western Bank loan to Hope Street Capital for 550 Clinton Ave. and 539 Vanderbilt Ave., a development site slated for a 284-unit multifamily building with 60,000 square feet of commercial space in the Prospect Heights submarket of Brooklyn. AKS Capital Partners arranged the transaction.
Lastly, was a $200 million loan to lender Somerset Development Group and Adarsan Holdings in a joint venture for Bell Works, a 1.4 million-square-foot office building in Holmdel, New Jersey. Proceeds will pay off an existing construction loan and cover future capital improvements and leasing. Meridian Capital Group arranged the transaction.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
