Thursday Rewind

Catching up on a few Wednesday items:

  • New York’s CIT Group said its CIT Real Estate Finance unit provided a $33 million senior secured credit facility to Exeter Property Group, a Plymouth Meeting, Pa., real estate private equity firm that acquires, develops, and manages commercial properties nationwide.  The facility will finance seven office buildings; it’s the second 2013 financing for the companies, with CIT in March provinding $62 million to Exeter to finance seven Maryland light industrial buildings and five New Jersey office buildings. Here is CIT's press release.

    There were two exclusives on that you will want to know about:

  1. GFI Realty Services has sold two Bronx six-story elevator apartment buildings at 2914-2928 Jerome Ave. for $13.2 million. The buildings comprise 123 apartments totaling nearly 125,000 square feet.  The article says that "the building sale price translates to $107,000 per unit," and lists GFI Realty Services senior director Yosef Katz as representing the seller, MDJJ Realty, while GFI associate director Josh Orlander represented the buyer, the Scharf Group, of Ardmore, Pa. The story can be found HERE.

  2. Madison Realty Capital purchased a single-borrower portfolio of six loans from a large commercial bank, "in a relationship-based, off-market transaction," for about $18 million.  The purchased loans are secured by six different multifamily and mixed-use properties in the Bronx and Brooklyn and owned by the same borrower, reports.  That's two in two days for Madison Realty; QuidnuncRE had details yesterday on a $27 million Queens financing, also recounted by You can find the item on Wednesday's portfolio HERE.

  • A certain demographic found the glossy, twice-yearly, Elliman magazine, a voluminous two-in-one sales brochure when they woke up on Wednesday morning.  It's two back-to-back magazines of 249 and 75 pages, dated Fall/Winter 2013-2014.  The book is a doorstop left on the doorstep in the Dec. 19 New York Times. The theme is "The Art Issue," and focuses on various variations of luxury.  But it is a hard copy reminder of a brief and great tribute that Douglas Elliman first put online last month before printing it, to former Daily News reporter Jason Sheftell, who died suddenly in June.  Sheftell's tribute is in the form of his own words--his own tribute to three Brooklyn neighborhoods, Brooklyn Heights, Williamsburg, and "[n]ot just one of the finest neighborhoods in the city, but one of the top neighborhoods of any city in the world," Fort Greene.  You can read the article in Elliman magazine online HERE



comments powered by Disqus