Recent Transaction Archive 2020
Brooklyn, New York: Rosenberg & Estis, P.C. represented a fund manager/developer in a joint venture with a large investment firm that held a defaulted mezzanine loan. The interest of the owner/mezzanine borrower was transferred pursuant to an assignment in lieu of foreclosure. The transaction involved 11 retail properties in various stages of development, and required the modification of a construction loan senior to the mezzanine loan.
(Closed: December 31, 2020)
R&E Team: Patricia D. Cleary and David Fries
Manhattan, New York – Rosenberg & Estis, P.C. represented 246-18 Realty LLC in connection with the negotiation of a joint venture for the ownership and development of 244 and 246 West 18th Street, New York, NY, and in connection with the financing of the same with a loan made by Emerald Creek Capital.
Capitol Heights, MD – Rosenberg & Estis, P.C. represented Hampton Heights One, LLC; Hampton Heights Two, LLC and Hampton Heights Three, LLC, collectively, as Seller, in connection with the sale of the property in the amount of $12,300,000.00 to 8700 Ritchie Drive Owner, LLC.
(Closed: October 30, 2020)
(Rosenberg & Estis, P.C. Team: Adam R. Sanders.
Queens Plaza South, Long Island City – Rosenberg & Estis, P.C. represented MSD, as Lender in the making of a $24,000,000.00 loan to acquisition for a site on Queens Plaza South, LIC.
Brooklyn, New York – Rosenberg & Estis, P.C. represented 815-830 East Tremont Associates as seller in connection with the sale of 8150-830 East Tremont Avenue, Brooklyn, New York to Morgan Barrington Financial Services, Inc.
Bronx, New York – Rosenberg & Estis, P.C. represented Commerce 1155 SG LLC, as purchaser, in its acquisition of 1155 Commerce Avenue, Bronx, NY from Arthur J. Kremer, Temporary Receiver for the Estate of Marco Eugene, as seller. Purchase price was $5,100,000.00.
(Closed: August 5, 2020)
(Rosenberg & Estis, P.C. Team: Adam R. Sanders.
New York, New York – Rosenberg & Estis, P.C. represented M1 184 Prince Street Owner LLC, as the purchaser in its acquisition of 184 Prince Street, New York, New York from 184 Prince LLC and in its financing of said acquisition through a loan made to it by HSBC Bank USA, NA.
Maspeth, New York: Rosenberg & Estis, P.C. represented multiple entities and individuals in connection with the sale of 58-80 56th Street, Maspeth, New York to DT Realty Equities LLC, as purchaser.
Manhattan, New York: Rosenberg & Estis, P.C. represented and structured the transfer of 461 Park Avenue South, New York, New York from Rose Hill Property Assoc. Inc. to Match Point Ventures, LLC and to Gammon Enterprises, LLC in a series of transactions transferring the ownership of the property.
Brooklyn, New York: Rosenberg & Estis, P.C. represented Emerald Creek Capital 3, LLC, as Administrative and Collateral Agent and as Lender, in the making of a $17,000,000.00 consolidated mortgage loan to 856 Washington Owner, LLC.
Beverly Hills, California: Rosenberg & Estis, P.C. represented Motcomb Estates Ltd. and Reuben Brothers Limited in the making of a $30,000,000.00 first mortgage loan.
Long Island, New York: Rosenberg & Estis, P.C. represented Sitex Group as purchaser / borrower in its acquisition and financing of two adjacent industrial properties in Long Island, New York.
Manhattan, New York: Rosenberg & Estis, P.C. represented Reuben Brothers Limited lender in the making of a $60,000,000.00 first mortgage loan to Surrey Hotel Associates, LLC.
Oklahoma City, Oklahoma: Rosenberg & Estis, P.C. represented Trevian Capital Holdings LLC as lender in the making of a $18,950,000.00 first mortgage loan to 8557 Candlewood Drive, LLC.
Manhattan, New York – Rosenberg & Estis, P.C. represented Clover Park Development LLC, a joint venture between Klövern AB of Sweden and GDS Development Management (GDSNY), in its acquisition of 417 Park Avenue, a 14-story, full-service cooperative at the southeast corner of 55th Street. The acquisition included the purchase of the building’s 29 units for the aggregate price of $184,000,000, pursuant to separate contracts with individual shareholders. R&E handled the negotiation of the contracts of sale with the shareholders, the preparation and negotiation of post-closing occupancy agreements and the coordination of 29 pre-closings in 4 days in advance of the closing.
Brooklyn, New York: Rosenberg & Estis, P.C. represented Garden Owner, LLC in its acquisition of the property at 21-27 Garden Street, Brooklyn, NY. Premises is to be demolished, and a new residential rental building is to be constructed. With assistance from Frank Chaney, development rights are also being acquired from adjoining properties.
Manhattan, New York: Rosenberg & Estis, P.C. represented Motcomb Estates Ltd., as Administrative Agent (on behalf of Reuben Brothers Limited, as Lender) in the making of a $48,00,000.00 first leasehold mortgage loan to Consulate Hotel Associates, LLC, as Borrower.
(Closed: February 7, 2020)
Brooklyn, New York: Rosenberg & Estis, P.C. represented TF Cornerstone in entering into a joint venture with Trinity Place Holdings Inc. concerning the acquisition of a 234-unit residential apartment building in Brooklyn. The joint venture documents were executed on November 21, 2019. R&E then represented the TF Cornerstone/Trinity Place Holdings Inc. joint venture in connection with an acquisition loan in the amount of $82,750,000 from Manufactures and Trader Trust Company (under the Freddie Mac Optigo program). The loan closed on January 15, 2020, concurrently with the property acquisition for $137M.