HF Capital signs $60M acquisition loan with global hedge fund for 12 rentals in Upper East Side

HF Capital through the entity HF UES LLC as borrower signed an acquisition loan with lender H.I.G. Capital through the entity H.I.G. Realty Financing II, LLC valued at $60 million for 12 rentals including the 42-unit rental (D3) at 418 East 77th Street in Upper East Side, Manhattan, 30-unit rental (D1) at 425 East 75th Street in Upper East Side, Manhattan, and 30-unit rental (C4) at 305 East 75th Street in Upper East Side, Manhattan. This is the first loan H.I.G. has made in New York City in at least two years.
The deal closed on August 30, 2021 and was recorded on October 8, 2021.

At the same time, HF bought the properties for $60 million, PincusCo reported last week.
The 12 properties have 150,231 square feet of built space and 28,494 square feet of additional air rights for a total buildable of 178,722 square feet according to PincusCo analysis of city data. The loan price per built square foot is $399 and the price per buildable square foot is $335 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for HF Capital was Howard Hershkovich.

H.I.G. Capital is a Miami-based, global alternative investment fund, that, according to its website, has $44 billion of equity capital under management and funds that include private equity, growth equity, real estate, debt/credit, lending and biohealth.

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