Hakimian Capital Provides $29 Million Loan For Development Site Acquisition In Financial District

78 Pearl Street and 46 Water Street is a development site located in the Financial District, comprising a total of 10,180 square feet. The site will be subdivided into a 38-story, 99-unit tower and a 40-unit residential conversion, with a unique 99-year ground lease structure in place.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $29,000,000
• Market: Financial District
• Asset Size: 10,180 SF
• Lender: Hakimian Capital
• Borrower: Peninim Water L L C
• Loan Type: Acquisition

The transaction included key individuals from Hakimian Capital, specifically Michael Hakimian, Sammy Hakimian, and Daniel Nadri, representing the lending side, while Wolfe Landau represented the borrowing entity. Hakimian Capital executed the closing of the acquisition loan in just 8 business days, demonstrating an ability to navigate complex financing solutions in New York's real estate market.