$600,000,000 APTHORP PROJECT, 79TH & BROADWAY, NY NY
A New York City real estate operator, with a big problem, requested assistance from Blue Rock. He had a $10,000,000 purchase contract deposit at risk of loss if he could not arrange and close $600,000,000 of acquisition, renovation and working capital financing within a period of two weeks. He had been to most major financing sources and financing brokers in NYC, without success. Within the said two week period, we arranged a $150,000,000 mezzanine loan to go behind a $400,000,000 bank first mortgage. We also arranged a $50,000,000 equity investment to augment the $50,000,000 of equity from the real estate operator and his partners. The deal closed within the two week period. We know of no Manhattan real estate deal of this size and complexity that was arranged and closed in such a short time frame. The subject property was the 100 year old, historical landmarked Apthorp Apartments, at 79th Street and Broadway.