Avison Young’s New York City-based Capital Markets Group completes debt and equity and loan sale transactions throughout U.S.
Fast-growing commercial real estate services firm continues to expand capital markets platform
New York City – Greg Kraut, Principal and Managing Director of Avison Young’s New York City office, announced today that the firm’s New York City-based Capital Markets group continues to be highly active with the recent completion of approximately $80 million in debt and equity finance placements and more than $143 million in loan sale transactions throughout the U.S.
“We have placed a strong emphasis on building a first-rate capital markets team in New York, comprising top industry professionals whose strong relationships across the industry spectrum, and creative solutions-oriented approaches, are translating into solid transaction flow on behalf of our clients,” comments Kraut. “We continue to seek out top talent throughout the Tri-State Area to further the growth of this critical business line."
The recent debt and equity deals, led by Avison Young Principal David Eyzenberg, include the refinancing of a $36 million, 242-unit SRO portfolio in Manhattan, as well as the refinancing of a $9 million, 7,000-square-foot (sf) retail co-op in Manhattan’s Soho neighborhood. Additionally, a team led by Eyzenberg collaborated with Avison Young’s Houston office to complete the $13.5 million refinancing of The Spectrum Office Building in Houston on behalf of TCP Realty Services.
“With the SRO portfolio, the sponsor was averse to recourse. We were able to secure a non-recourse loan that achieved high leverage by cross-collateralizing the portfolio, thereby creating credit enhancement for the smaller assets,” notes Eyzenberg. “Our team worked diligently to provide documentation to the lender showing an increased rent roll once needed repairs were complete, providing the comfort necessary for them to close at the original terms.”
Avison Young also recently completed the sale of three portfolios of residential loans totaling approximately $100 million in face value. The deal, led by Avison Young Principal Mickey Goldring, included luxury condominium and condo hotel units in three separate developments located in Las Vegas, Hawaii and Manhattan.
“Our team combined with a special servicer and originator to sell developer-held financing for high-net-worth domestic and foreign borrowers,” notes Goldring. “As a result of our seamless service approach, every loan was accepted by the buyer at prices ranging from 83% to 100% of unpaid principal balance of the respected pool.”
Additional loan sales transactions recently completed by Avison Young’s New York City-based loan sales team include the $20 million sale of a nationwide portfolio of small balance non-performing commercial loans, and the $20 million sale of a portfolio of non-performing residential loans in New York City. A team led by Avison Young Principal Justin Piasecki also recently closed a $2.5 million emergency bridge-financing loan for a property in Texas, as well as a $4 million emergency bridge loan for a Manhattan development site.
States Piasecki: “For the emergency bridge financing in Texas, the client needed swift action to secure capital. Through our relationships, we were able to deliver a term sheet within two days in order to close quickly and meet the client’s objectives.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 51 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.