Robert “Large Loan” Verrone’s Iron Hound Management, a leading mortgage broker, has secured $406 million in loans for three different projects — 2 West 46th Street, 369 Lexington Avenue and Bush Terminal, at 241 37th Street, in Brooklyn.
Iron Hound structured the payoff of a $106 million defaulted loan and the placement of new debt, through Starwood Capital, for 2 West 46th Street and 369 Lexington Avenue on behalf of Joe Stavrach and Faraj Srour, who is also known as Freddy Srour. Iron Hound also restructured a $300 million loan with LNR Property for the 6.1-million-square-foot industrial complex Bush Terminal in Greenwood Heights for Rubin Schron, who famously bid $2 billion on the Empire State Building in June.
Schron will use the money to repair damage at the terminal sustained during Hurricane Sandy as well as other capital improvements, Verrone, founder of Iron Hound, told the New York Observer.
During the real estate boom, Verrone was the head of Wachovia Bank’s large loan group, and was behind some of the biggest real estate projects in the city’s history, including the $5.4 billion acquisition of Stuyvesant Town in 2007. [NYO] – Hiten Samtani