News Column

United States : CCRE allocates $66mln permanent funding for WESTCHESTER BUILDING

June 17, 2014

HKS Capital has provided a $66 million permanent funding on a Westchester apartment building.

Ayush Kapahi of HKS, who brokered the transaction, commented that the 7 years loan, from Cantor Commercial Real Estate, will be securitized. The rate of loan was in the 4 and features 3 years interest-only period.

The 416-unit apartment is named as Ridgeview Apartments. It is situated at 32 Nob Hill Drive in Elmsford, New York. The ownership entity, Ridgeview Partners LLC, is led by Stephen Reitano, a local real estate investor and the former deputy executive director of the Metropolitan Transportation Authority.

Mr. Reitano stated The deal had many moving parts, which required us to retain the right firm. We picked the right one.

Mr. Kapahi said that in 2010, the owners acquired the building for $58 million, assuming $50 million in debt. They took over management and did renovations and really hit a home run with the deal, he said.

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Source: TendersInfo (India)

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