Square Mile Lends $580M in Trio of Tristate Deals
The transactions presented Square Mile an opportunity to partner with well-known New York and New Jersey developers on projects across different asset classes.
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.