CSC Secures $108M for Murray Hill Residential Conversion
CSC Real Estate has secured a $108-million construction loan from SCALE Lending, Slate Property Group’s debt financing arm, to support the residential conversion of 770 Second Ave., a 17-story, 237,000-square-foot property in Manhattan’s Murray Hill neighborhood. The financing was arranged by Arrow Real Estate Advisors’ Morris Betesh, Morris Dabbah and Louis Halperin representing the lender. CSC Real Estate was represented by Vedder Price LLP, with a legal team led by Robert Salame.
The project will convert 12 floors into 140 residential units, including 35 affordable homes, along with approximately 11,000 square feet of new amenity space. CSC acquired the property for $52 million. In addition to its current development pipeline, CSC plans to announce three new conversion
transactions in prime urban neighborhoods.
“Our team is proud to advance the repositioning of 770 Second Ave. and deliver high-quality housing to New York City,” said Salo Smeke, principal of CSC Real Estate. “Institutional partners rely on CSC because we manage the most challenging projects with precision and accountability. The depth of capital interest we continue to see reflects the confidence the market places in our platform.”
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout