Still fresh off a New Year’s launch, Arch Companies has secured a $45 million loan from Maxim Capital Group for the development of its first New York asset—a planned six-story, mixed-use residential building at 11 Greene Street in Soho—the borrower announced Wednesday.
Excerpt from The Real Deal: Developers BH3 and Gary Cohen are recording closings at the luxury Aventura condo complex, property records show. And they expect the two-tower, 160-unit project to sell out for about $500 million, BH3’s Daniel Lebensohn said.
Commercial lenders are banking on the repeal of Dodd-Frank to improve the increasingly tight lending atmosphere in South Florida. While the pace of requests hasn’t slowed down, most lenders The Real Deal spoke to said they are not financing ground-up development at this stage in the real estate cycle. And they are much more selective these days about which ongoing projects they do give loans to.
New York-based Maxim Capital along with Austin-based Prophet Capital Asset Management are providing the loan to the luxury condo project’s developers, Gary Cohen and BH3’s Greg Freedman, Dan Lebensohn and Charles Phelan, according to a press release.
Hotelier Sam Chang’s bet on the hotel market around LaGuardia Airport is taking flight. Chang’s Great Neck-based McSam Hotel Group paid $37.6 million for the Holiday Inn LaGuardia Airport in Queens, property records show. The seller was hotelier Michael Pomeranc, who purchased the property in 1999.
The Meliá Costa Hollywood Beach Resort obtained a big boost to its construction loan, and a deed was recorded for the property that appears to add a new player in the deal.
BISNOW interview with Maxim Capital Group's co-founder, Adam Glick.
An unidentified buyer snapped up a large development site in Greenpoint known as 49 Dupont Street, where as many as three residential towers could rise adding to several massive apartment projects planned nearby along Brooklyn’s East River waterfront.