Crest snags $25M loan for UES rental

Mesa West Capital provided the acquisition financing for 118 East 93rd Street in Carnegie Hill

New York /
Jul.July 29, 2016 08:37 AM

Montreal-based Crest Realties has landed a $25 million loan from debt fund Mesa West Capital to finance its acquisition of a Carnegie Hill rental building.

“We’ve done a lot of these deals recently, so we had a good sense of the rents and it’s a good asset, a good location and a good leverage point,” Mesa’s Russell Frahm told the Commercial Observer.

Crest, led by Bruno Caruso and Aaron Drazin, picked up the Carnegie Hill rental at 118 East 93rd Street for $39 million last week. The 43,000-square-foot building has 38 apartments, the majority of them market-rate.

“The loan closed under a tight time-of-essence deadline and provided for the initial acquisition financing as well as a future funding component for capital expenditures,” said Ronnie Levine of Meridian Capital Group TRData LogoTINY, who arranged the mortgage with Jeff Berkes.

Caruso and Drazin plan to increase the average rents from $3,000 per month to $6,500 or $7,000 per month as units turn over. “We want to upgrade it to a luxury, high-end rental,” Caruso told The Real Deal.

Crest recently sold a Carroll Gardens condo-to-rental conversion for $21.1 million and a four-building Washington Heights portfolio for $31.2 million. [CO]E.B. Solomont


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
(Getty)
Strong November hiring reported in real estate industries
Strong November hiring reported in real estate industries
Rotem Rosen with rendering of 126 E 57th Street (Getty, ODA Architecture)
Rotem Rosen lands $170M construction loan for Billionaires’ Row condo
Rotem Rosen lands $170M construction loan for Billionaires’ Row condo
Triangle Equities' Lester Petracca with 533 Main Street (Triangle Equities, Getty)
Record East Orange project lands $317M financing
Record East Orange project lands $317M financing
Mike DelPrete and TRD's Hiten Samtani
Watch: Where does Opendoor go from here? Breaking down iBuying with Mike DelPrete
Watch: Where does Opendoor go from here? Breaking down iBuying with Mike DelPrete
(Illustration by The Real Deal with Getty)
Contracts for Hamptons, North Fork homes fall 50%
Contracts for Hamptons, North Fork homes fall 50%
arrow_forward_ios

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

Loading...