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New York & Tri-State  + Uptown/Bronx  + Finance  | 

$75M in Financing for Unsold Condos

ABC Properties received $20 million in equity finance to help pay for its purchase of 146 rent-regulated condominiums at 733 Amsterdam Ave., a luxury residential property in Manhattan. Mack Real Estate Credit Strategies also provided the buyers with a $55-million acquisition loan.

“Our client, Myles Horn of ABC Properties, was seeking to acquire this well-appointed property with significant upside, and we were able to run an exclusive JV equity process in a very short timeframe to bring in a partner that would enable him to move forward with the transaction,” stated Jeff Granowitz, managing director with Mission Capital Advisors, which represented ABC Properties in the equity transaction.

Constructed in 1971, the property — which is also identified as 175 W. 95th St. — is a 27-story, 229-unit multifamily building. In 2015, the seller, Starrett Corp., converted the building to condominiums and embarked on a significant capital improvements campaign. Since then, more than 80 of the condominiums have sold.

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  • ◦Financing
  • ◦Sale/Acquisition