Republic National Bank of New York

Real Estate Weekly, Feb 2, 2000

Republic National Bank of New York's Commercial Real Estate Department closed $16,679,500 million during the last 60 days in multi-family and cooperative mortgage loans with unsecured credit lines for cooperatives. The loans were structured on 5- to 15-year terms at fixed rates with no commitment fees. The loans were made to various borrowers or a non-recourse basis and closed within 40 days. Some of the cooperative locations include 1, 2, 3, 4 and 5 Sadore Lane in Yonkers, NY; 48-52 Great Jones Street, Manhattan; 32 Downing Street, Manhattan; 444 East 52nd Street, Manhattan; 1220 Park Avenue, Manhattan; and 30 Sutton Place, Manhattan. The multi-family transaction was at 1565 Grand Concourse in The Bronx.

St. Andrews Capital just completed a $1.3 million refinance on an Eldridge Street property on Manhattan's Lower East Side. The five-story building with stores, purchased last year for less than $1 million, was renovated and re-appraised near $2 million.

The property was renovated with great sensitivity to a market that has become much more competitive in the last few years. Ground floor units have gardens, and upper floors have roof rights that are structured as lofts instead of apartments. An upstate savings bank funded the loan after the borrower was tamed down by other lenders.