H.I.G. Capital signs $51M condo inventory loan with Emerald Creek Capital in FiDi
H.I.G. Capital through the entity One Beekman Owner, LLC as borrower signed a refi loan with lender Emerald Creek Capital through the entity ECC 33 PR LLC valued at $51 million for 22 residential condo units at 1 Beekman Street also known as 33-34 Park Row in Financial District, Manhattan.
The deal closed on June 1, 2023 and was recorded on June 12, 2023. The prior lender was Blackstone Group which held debt that had an original loan amount of $48.4 million.
The signatory for H.I.G. Capital was Ira Weidhorn. The signatory for Emerald Creek Capital was Mark Penna. Of an original $48.4 million loan, $30.97 remained, and a new gap mortgage of $20 million was made.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by One Beekman Owner, LLC to create 31 residential units and 1 commercial units in a building at 33 Park Row in Financial District, Manhattan, called Pearl On The Park Condominium that has a $146.2 million sellout, according to an August 30, 2016 submission to the New York State Attorney General. The principals of the sponsor, ONE BEEKMAN OWNER, LLC, were Glauco Lolli-Ghetti, Robert Schlesinger, John Tashjian, and Ira Weidhorn.
The block
On the tax block of 33-34 Park Row, PincusCo has identified the owners of two of the seven commercial properties representing 44,273 square feet of the 321,773 square feet. The two identified owners are Circle F Capital and Atlas Capital Group.
On the tax block, there were four new building construction projects totaling 365,677 square feet. The largest is a 110-unit, 266,238 square-foot residential (R-2) building submitted by L+M Development Partners and filed by David Dishy with plans filed April 5, 2016 and permitted December 1, 2016. The second largest was the 31-unit, 72,901 square-foot residential (R-2) 1 Beekman Street submitted by Ira Weidhorn with plans filed July 15, 2015 and permitted June 3, 2016.
The majority, or 83 percent of the 321,773 square feet of built space are elevator buildings, with retail buildings next occupying 13 percent of the space.
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