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.

 

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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.

Castellan Real Estate Partners Sells Washington Heights Multifamily Property for $4.5 Million

Castellan Real Estate Partners has sold a multifamily property at 452 West 164th Street for $4.5 million. The property is a five-story walk-up with 20 residential units comprised of approximately 19,500 square feet. The building is well located in the Washington Heights neighborhood, only two blocks away from the New York Presbyterian / Columbia Medical Center and the New York Presbyterian Morgan Stanley Children’s Hospital. It is two blocks from the C subway stop, and four blocks from the A, C and 1-line subway stops.

Castellan acquired the property for $2.7 million in January 2014, and sold it for $4.5 million in March 2018. Castellan invested approximately $185,000 towards major capital improvements and upgrades to the building. Improvements included a new boiler/burner, new heat sensors, new cameras and apartment renovations. At acquisition, there were 9 HPD violations affecting the property. At sale there was only one remaining violation, which represented an 89% reduction.

Castellan Real Estate Partners is a full-service, vertically integrated real estate investment firm with internal platforms covering bridge lending, equity investments, property asset management, and construction and development. Since 2009, Castellan has been invested in debt and equity real estate transactions with a market value of approximately $900 million.

Castellan Provides Bridge Loan for Brooklyn Portfolio Refinance

Living up to its reputation of providing fast, reliable execution, Castellan Capital provided a bridge loan within the space of a week for the refinancing of a mixed-use five-building portfolio in Brooklyn’s Sunset Park neighborhood. The properties included nine retail units, 40 residential apartments, and totaled 42,000 square feet.

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.