CapitalSource provided the funds for the property's acquisition, as well as for upgrading the complex as part of the condo conversion, according to Dan Harrington of the firm's New York office. "We look at a number of condominium conversion packages, and this property contained a number of positive elements in a conversion opportunity, including an improving location, lack of competitive inventory and a favorable buy-versus-rent analysis," Harrington says.
Placement of the loan was arranged through the New York office of Cooper-Horowitz Inc. Soundview Real Estate Partners of Stamford, CT provided a layer of mezzanine financing to the capital structure.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
