Home That Belonged to Alexander Hamilton’s Son Sold for $10 Million

East Harlem pic
East Harlem
Image: castellanre.com

Since 2009, Castellan Real Estate Partners in New York City has handled more than $1.2 billion in transactions, guided by partners John Salib and Paul Salib.

In 2016, Castellan Real Estate Partners acquired 4 St. Marks Place, an historic home once owned by Alexander Hamilton Jr., the son of the famed Alexander Hamilton, founding father and creator of our nation’s financial system. Hamilton, Jr and his family lived there for a period of years, providing the residence with its historic cachet.

The home has retained its historic characteristics even with the dynamic growth occurring around it. It is one of the only three original structures on St. Marks Place.

St. Marks Place has long been considered one of the hippest streets of the city with a vibrant culture and personality all its own. This is a legacy that has been maintained for generations, as artists, writers, and counter-culture personalities have called this place home. Past residents have included literary heroes such as James Fenimore Cooper, W.H. Auden, and William S. Burroughs, as well as revolutionaries such as Leon Trotsky and Emma Goldman.

The street also has deep musical roots. Thelonious Monk, Miles Davis, and Billie Holiday all performed at the Five Spot jazz club. The street is also famed for its architecture with its classic brownstones being featured in films, tv shows, and even on the cover of rock albums such as Led Zeppelin’s Physical Graffiti.

Castellan Real Estate Partners Capital Division Offers Quick Financing

Castellan Capital pic
Castellan Capital
Image: castellancapital.com

Co-founded by managing partners Paul and John Salib, Castellan Real Estate Partners in New York City has conducted debt and equity transactions worth more than $1 billion in its 10 years in operation. In addition to its work in the development of investment properties, Castellan Real Estate Partners also hosts a capital lending division, through which the firm provides bridge and construction loans to clients.

The capital division of the firm is noted for its ability to quickly and easily meet borrower needs, as evidenced in the following three loan cases.

1. Acquisition in the East Village. The firm was able to produce a bridge loan of $5.5 million for a client in the course of six days to meet the borrower’s desire to acquire a multifamily building in the East Village of Manhattan. The capital vision’s team worked over Memorial Day weekend to ensure the funding was secured.

2. Mixed-Use Portfolio in Brooklyn. Providing the bridge loan in just one week, the capital division was able to help a client refinance a portfolio of five mixed-use properties in the Sunset Park neighborhood of Brooklyn. The total space of the five buildings encompassed 42,000 square feet.

3. Senior community in Maryland. The division was able to offer bridge financing worth $5.4 million much more quickly than the time required by traditional lenders for a client who wished to procure a senior community for individuals aged 55 and older. The team was able to provide the loan with remarkable speed due to the small, discretionary, and highly experienced committee at the helm.

Castellan Provides $4.3 Million Bridge Loan for Washington Heights Multifamily Portfolio

Castellan Capital provided a $4.3 million bridge loan for the refinancing of three adjacent five-story  walkup  apartment  buildings  in  the  Washington Heights  neighborhood  of  Manhattan.  The three  buildings  contain 100 residential  apartments  and  total  90,060 SF.  The bridge loan will be refinanced with long-term permanent financing. The portfolio of buildings has been appraised at $25 million, resulting in a low loan-to-value ratio of 17%.

 

Popular with young professionals and students, the Washington Heights neighborhood in Northern Manhattan is one of the safest neighborhoods in New York City with a low crime rate, proximity to Fort Tryon Park and Inwood Park, and excellent transit via the A, C, and 1 trains.

 

Castellan Capital is a division of Castellan Real Estate Partners, and is a privately held direct portfolio lender that specializes in situations where conventional financing is not available. Castellan’s team of seasoned professionals makes fast decisions and closes quickly. With discretionary capital and no outside investment committee, Castellan has the flexibility to structure transactions to meet each borrower’s unique requirements.

 

The Castellan Real Estate Income Fund II LP’s Notable 2017 End of Year Loan

Castellan Capital ended 2017 with a notable $33 million acquisition loan on the last business day of the year. The loan is for a mixed-use property situated in a prime area between 5th Avenue and Avenue of the Americas in Midtown Manhattan. The building contains 26 rental apartments and three commercial units covering an area of 39,600 square feet. The loan term is 24 months and borrower intends to convert the units to condominiums and repay Castellan’s loan with a construction loan.

The building was appraised for $51 million, and the loan to value is 64.7%. Security consists of a first position mortgage lien, a pledge of reserves/escrows, and a pledge of ownership interests. Also, the borrower is a substantial amount of equity in the acquisition before Castellan’s loan. Castellan is pleased with the loan’s risk/return profile for a property located in one of Manhattan’s most desirable neighborhoods.

Castellan Capital is a division of Castellan Real Estate Partners, and is a privately held direct portfolio lender that specializes in situations where conventional financing is not available. Castellan’s team of seasoned professionals makes fast decisions and closes quickly. With discretionary capital and no outside investment committee, Castellan has the flexibility to structure transactions to meet each borrower’s unique requirements.