Castellan Provides Bridge Financing for Hudson Yards Boutique Hotel

Castellan Capital provided $13 million in bridge financing for the refinance of a boutique hotel in the Hudson Yards neighborhood of Manhattan. The stylish hotel is adjacent to the Hudson Yards development project, which is the largest private real estate development in the history of the United States, and the largest in New York City since Rockefeller Center.

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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Financing for a Maryland Senior Community

Speed is not usually a quality one associates with real estate loan closings. Yet In just one week, Castellan Capital, a division of Castellan Real Estate Partners, provided $5.4 million in bridge financing for the acquisition of an age-restricted (55+) Senior Community in Maryland. Because the firm has discretionary capital and a small, experienced, and well-informed investment committee, it has the ability to close within much shorter time periods than traditional mortgage lenders. This has been of great value to developers working within tight timeframes.

Castellan Capital 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.

Speed Was of the Essence – East Village Multifamily Acquisition

Castellan Capital provided a $5.5 million bridge loan for the acquisition of a multifamily building in Manhattan’s popular East Village neighborhood. The borrower needed a speedy close in order to effectuate a 1031 exchange within the required timeframe. Castellan accommodated the borrower’s needs, closing the loan in just 6 days and processing the loan during the Memorial Day weekend.

Castellan Capital, which is a division of Castellan Real Estate Partners, provides fast flexible, and reliable commercial real estate loans. Castellan is a privately held direct portfolio lender that specializes in situations where conventional financing is not available.

Castellan Capital’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’ $23 Million Property Sale in Harlem

 

Castellan Real Estate Partners pic
Castellan Real Estate Partners
Image: castellanre.com

Currently valued at $900 million, Castellan Real Estate Partners has invested heavily in residential and retail properties in New York and other metropolitan cities since 2008. Led by brothers Paul and John Salib, the company often targets mid-sized properties valued at $5 -$30 million. Committed to creating a margin-of-safety strategy when it comes to investment, Castellan Real Estate Partners structures deals that are highly profitable. In March 2017, Castellan sold five buildings in Harlem for $23 million to Aulder Capital, another real estate investment firm with portfolio holdings in Manhattan, Brooklyn, New Jersey, and Connecticut.

Encompassing a total of 100 residential units, the five buildings situated between Frederick Douglass Boulevard and Seventh Avenue were first acquired by Castellan for $11.1 million in 2013. The influx of residents to New York and the increasing demand for rental apartments, particularly in Harlem, made the investment extremely valuable. Although the buildings are comprised of one- or two-bedroom units only, they are occupied at 100 percent. With proper maintenance and consistent renovation to cater to younger demographics, the new owners can expect these buildings to rise in market value.