EASTERN CONSOLIDATED ARRANGES $18M BRIDGE LOAN FOR MULTI-LOT SITE
NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged an $18 million short-term bridge loan on behalf of East 47th Street LLC (City Centre Properties). The loan will be used to facilitate the sale of a multi-lot development site assemblage in the Rockefeller Center area of Manhattan.
HID Acquisition Group LLC, affiliated with Hidrock Realty Inc., is acquiring two 25-foot-wide lots — 12 East 48th and 13 East 47th streets — from City Centre Properties. Additionally, Hidrock acquired 14 East 48th Street from the First Church of Religious Science through an assignment of a contract between the church and City Centre. The sale price for the entire assemblage was $47 million. HID Acquisition plans to raze the existing structures and develop a 31-story residential condo tower on the site. The project will include a mix of studio, one- and two-bedroom apartments, as well as amenities targeting the international pied-a-terre market. Jonathan Aghravi and Matthew Hirsch of Eastern Consolidated’s Capital Advisory Division arranged the new financing. City Centre Properties was represented in the assemblage sale transaction by R. Stuart Gross and Chris Matousek of Eastern Consolidated. Additionally, Eastern Consolidated acted as the sole intermediary in both the assemblage site sale and bridge loan transaction.