The Real Deal New York

Iron Hound secures $81M in debt for Harlem and UES projects

One loan will go toward construction of mixed-use development on West 125th Street
May 30, 2014 01:10PM

Iron Hound Management Company closed a pair of loans for a new Harlem development and an Upper East Side hotel.

The real estate advisory firm secured a $36 million construction loan for Bobby Cayre’s Aurora Capital Associates and the Adjmi family. The debt will help finance a full-block development at 5-15 West 125th Street between Fifth and Lenox avenues, the Commercial Observer reports. The development will contain 100,000 square feet of retail space and several apartments.

Iron Hound also arranged a $45 million refinancing of a loan for renovations to Denihan Hospitality Group’s Surrey Hotel at 20 East 76th Street. The previous loan, refinanced at maturity, covered extensive renovations to the Surrey’s exterior and interior.

“These two transactions represent Iron Hound’s ability to be creative and secure financing on difficult transactions for our clients,” Iron Hound principal Robert Verrone told the Observer. [NYO]Tom DiChristopher