Bluestone, Altmark, Madison, borrow $60M from LibreMax Capital for office redevelopment in Mott Haven

Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management through the entity 825 East 141st Street Property Owner LLC as borrower signed a $60 million loan agreement with lender Counterpointe Mortgage Capital, which assigned the debt to LibreMax Capital, for Union Crossing at 825 East 141st Street in Mott Haven. The deal closed on December 27, 2019 and was recorded on January 13, 2020.

The last time the property, sold was June 15, 2016, when the current owners bought it for $38,875,000. The prior acquisition debt totaling $25.3 million was provided by National Equipment Corporation, which assigned the loan to Counterpointe, which provided additional recorded debt totaling $60 million which it then assigned to LibreMax Capital. This is part of a larger debt package totaling $85 million from LibreMax, the Real Deal reported. The financing was arranged by Brad Domenico of Progress Capital. Counterpointe provides PACE financing, which finances building improvements through voluntary assessments placed by a state agency.

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