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Monday, 12 March 2018

Mack Financing Against Brooklyn, N.Y., Project Includes $30Mln of Mezz Debt

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Commercial Real Estate Direct Staff Report

The $127 million of financing that Mack Real Estate Credit Strategies provided for the construction of One Prospect Park West in Brooklyn, N.Y., includes a $30 million mezzanine slug.

The financing will help fund Sugar Hill Capital Partners' efforts to convert the 87-year-old building, on the northwest corner of Prospect Park, into luxury rental apartments. Sugar Hill, a New York investment manager that specializes in apartments in Brooklyn and Manhattan, bought the nine-story building, which most recently was used as an assisted-living facility, two years ago for $84 million. That deal was financed with a $64 million mortgage from LoanCore Capital.

The Mack Real Estate financing was arranged by Meridian Capital Group. Legal representation was provided by Kasowitz, which also represented Sugar Hill on the property's purchase in 2016.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $25 million and $50 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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