Toledano secures $124M loan for East Village portfolio buy

$97M acquisition subject of lawsuit from Toledano's uncle Aaron Jungreis

TRD New York /
Sep.September 17, 2015 05:20 PM

Raphael Toledano is funding his recent acquisition of a 16-building East Village portfolio with a $124 million loan from Midtown-based Madison Realty Capital.

Toledano’s Brookhill Properties closed on the financing Sept. 10 and will use the proceeds to fund its $97 million acquisition of the East Village portfolio, as well as future renovations on the multifamily and mixed-use properties.

The financing consists of a first and second mortgage with terms in the one-to-three-year range, Madison Realty Capital’s Josh Zegen told the New York Observer, with the firm acting as a single-source lender.

Toledano bought the 16 buildings in the portfolio earlier this month from their longtime owners, the Tabak family. The deal amounted to a total of 301 apartments and 15 retail spaces between East 5th and East 12th streets in the East Village.

Broker-turned-investor Toledano was hit with a lawsuit over the deal late last month from his uncle, Rosewood Realty Group’s Aaron Jungreis. Toledano allegedly agreed to purchase the portfolio alongside Jungreis in a 50-50 joint venture, according to the lawsuit, before squeezing Jungreis out of the deal. [NYO]Rey Mashayekhi


Related Articles

arrow_forward_ios
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
Brian Harris, CEO of Ladder Capital (Credit: iStock)

“What, me worry?” Ladder Capital says it can easily meet margin calls

“What, me worry?” Ladder Capital says it can easily meet margin calls
19-23 St. Mark’s Place with Andy Warhol (Credit: Google Maps; Warhol by Mark Sink / Corbis via Getty Images)

Former Andy Warhol nightclub sold to UBS for $35M

Former Andy Warhol nightclub sold to UBS for $35M
Ladder Capital's Brian Harris and Madison Realty Capital's Josh Zegen (Credit: Ladder Capital; Madison Realty Capital)

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff
Charles Kushner and 331 East 9th Street (Credit: Kusner Photo by Ilir Bajraktari/Patrick McMullan via Getty Images; Google Maps)

Judge grants Kushner tenants free rent at East Village complex

Judge grants Kushner tenants free rent at East Village complex
42-46 2nd Avenue (Credit: Google Maps)

LA real estate firm buys shuttered church site for $40M

LA real estate firm buys shuttered church site for $40M
Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects
From left: Raphael Toledano and Madison Realty Capital managing principals Adam Tantleff, Josh Zegen and Brian Shatz (Illustration by Kevin Rebong for The Real Deal)

Raphael Toledano’s “ghostly” East Village portfolio

Raphael Toledano’s “ghostly” East Village portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...