New York, NY – April 22, 2011 – (RealEstateRama) — Cushman & Wakefield Sonnenblick Goldman has arranged acquisition loans for affiliates of Castellan Real Estate Partners to fund their purchases of 295 West 150th Street and 2108 Amsterdam Avenue in Manhattan. The loans were provided by a New York-based savings bank.
Castellan Real Estate Partners is a fast-growing real estate company that focuses on the ownership and management of well-located, value-add multi-family and mixed-use properties in New York City and surrounding areas. Its current holdings include 23 buildings with over 1.1 million square feet of space, including approximately 1,200 apartment units.
These two most recent acquisitions complement the company’s existing portfolio well. 295 West 150th Street is located one block east of Jackie Robinson Park and just across the Macombs Dam Bridge from Yankee Stadium. 2108 Amsterdam Avenue is located one block east of the New York Presbyterian Hospital / Columbia University Medical Center. Both properties are in close proximity to several subway stations. Prior to acquisition, Castellan developed capital improvement plans for both buildings, which it will begin implementing immediately.
Commenting on the transaction, Mark Ehlinger, executive director of Cushman & Wakefield Sonnenblick Goldman, said “The New York City multi-family market has very solid fundamentals, and a wide variety of lenders have strong appetites for this type of property, particularly when the buildings are owned by well-capitalized and experienced companies such as Castellan Real Estate Partners.”
About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
Dwayne Doherty (212.841.7748)