Yellowstone secures $203M loan for office-to-resi conversion
Isaac Hera may no longer be pursuing a hotel project at the Candler Building in Times Square, but he still has plenty of support from lenders. Yellowstone Real Estate Investments secured $203 million in debt for the office-to-residential conversion of 220 West 42nd Street, the Commercial Observer reported. Bank Hapoalim’s U.S. lending arm provided the debt, while Naftali Credit Partners tacked on $36 million in mezzanine debt. An IPA Capital Markets team including Max Herzog, Marko Kazanjian and Andrew Cohen arranged the debt. The plan is to turn the 25-story office building into a 221,000-square-foot multifamily building with 176 units […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Billionaire Kwek Leng Beng’s CDL Outbids Rivals With $422
Million Offer For Prime Singapore Site
Technology Helping Address Construction Labor
Shortage
Pocket listings face another setback as New York advances
crackdown
Brandon Miller’s East Village project lands first office
tenants
Your Pool Is an Asset—It’s Also a Lawsuit Waiting to
Happen
Inside the Search: The Pipes Burst During the Final
Walkthrough. He Bought the House Anyway.
Anyone Can Flip a House After Hearing This
“Un-f*cking-believable”: Actors hired for landlord “zombie”
demonstration say they feel manipulated
Housing Notes: Some streets in the Hamptons just hit
different
Pied-à-terre tax rollout poses enforcement, compliance
hurdles:“Shock to the luxury real estate market”
