Castellan Real Estate Partners is a New York-based fully-integrated investment firm that deals with real estate investments and development, lending, and property management. Co-founders John Salib and Paul Salib established Castellan Real Estate Partners during the U.S. 2008/2009 financial crisis to invest in distressed real estate investment opportunities.
Distressed property sales are associated with unique challenges that every investor should be aware of. For starters, it is best to seek the services of an expert who understands the intricacies associated with distressed properties.
Numerous certifications sharpen the skills of real estate agents that want to focus on the sale of distressed properties. For instance, the National Association of Realtors introduced a Short Sale and Foreclosure Certification program in 2009 where realtors familiarize themselves with both federal and state laws associated with foreclosures and short sales. In addition, there is a Certified Distressed Property Expert Certification offered by the Distressed Property Institute. When investing in distressed properties, it is vital to seek the services of an agent who whether they’re certified or not, has previously closed deals on distressed properties and is capable of successfully guiding you through the process.
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.
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 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 Real Estate Partners 
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