Strip club king refis major Manhattan and Queens portfolio

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

TRD 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
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
 David Bistricer of Clipper Equity and 77 Commercial Street in Greenpoint (REIT and Google Maps)

Bistricer lands $386M construction loan for Greenpoint project

Bistricer lands $386M construction loan for Greenpoint project
109 East 79th Street and Victor Sigoura (Google Maps; Getty)

Victor Sigoura lands $133M construction loan for UES condo

Victor Sigoura lands $133M construction loan for UES condo
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
arrow_forward_ios

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

Loading...