Strip club king refis major Manhattan and Queens portfolio

Bluestone Capital and Mack Real Estate Credit Strategies originated the $148M loan

New York /
Sep.September 24, 2018 08:40 AM

Penthouse Executive Club at 603 West 45th Street (Credit: Google Maps and Facebook)

Investor Robert Gans, perhaps best known for owning strip clubs such as Scores New York and Penthouse Executive Club, refinanced a portfolio of Manhattan and Queens redevelopment sites to the tune of $148 million.

Bluestone Capital, an affiliate of Eli Tabak and Marc Mendelsohn’s Bluestone Capital, led the origination of the three-year bridge loan, Commercial Observer reported. Mack Real Estate Credit Strategies took a senior participation of $130 million, according to the publication.

The portfolio spans more than 1 million square feet. And though the addresses were not identified, two of the Manhattan sites are in Hell’s Kitchen, one is in Soho and the other is in West Chelsea.

The Queens properties are in Astoria and Jamaica.

Shaya Ackerman and Shaya Sonnenschein at Meridian Capital Group negotiated the financing, which carries an interest rate of 650 basis points over LIBOR.

Bluestone Capital has increasingly been issuing bridge loans. In January, it originated a $109 million loan for Jeffrey Wu’s building at 41-60 Main street. Mack last week loaned Related Companies $65 million for its acquisition of a development site in Hudson Yards at 517 West 35th Street.

Elsewhere, Gans and partner Henry Wollman of Quadriad Realty Partners are suing Larry Silverstein over a development project in Astoria. [CO] – Rich Bockmann


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
arrow_forward_ios

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

Loading...