Ariel Property Advisors Arranges $68.1 Million Loan For Midtown South Office Acquisition And Redevelopment

The property asset involved in this transaction is located at 29 West 35th Street in Midtown South. It encompasses approximately 85,000 square feet and is designated for office use. The existing structure is a vacant office building, with plans for conversion into a mixed-use property consisting of 107 units.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $68,100,000
• Loan Amount: $68,100,000
• Loan Type: Construction Loan, Preferred Equity & Common Equity
• Loan Terms: 36 Month Term for Acquisition & Redevelopment
• Address: 29 West 35th Street
• Market: Midtown South
• Square Footage: 85,000
• Units: 107

Key individuals involved in the deal include Marty Burger from Infinite Global Real Estate Partners and Andrew Heiberger from Buttonwood Development, who are the sponsors of the project. The brokers representing this transaction are Ben Schlegel and Paul McCormick from Ariel Property Advisors, who arranged the financial structure that includes $51 million of Senior Debt, $13.5 million of Preferred Equity, and $3.6 million of Common Equity.