1 | May 30, 2014

One of New York’s pre-mier hotels has caught the eye of one of New York’s leading banks.

J.P. Morgan Chase & Co. provided a $140 mil-

lion loan to refinance existing debt on the iconic Roosevelt Hotel, which is owned by the Pakistani gov-ernment’s state-run Pakistan International Airlines, public records show.

The 1,015-room art deco hotel at 45 East 45th Street recently underwent a “multi-million dol-lar guestroom upgrade,” which began in November 2011, ac-cording to the hotel’s website.

PIA acquired the hotel for $36.5 million in 1999 in partner-ship with Saudi Arabia’s Prince Faisal bin Khalid bin Abdulaziz Al Saud after an ongoing legal battle with the hotel’s previous owner, Paul Milstein. PIA later bought out Prince Al Saud’s share in 2005,

taking full control of the hotel.The Pakistani government put the hotel up

for sale in 2007, with an asking price of $1 bil-lion, and then took it off the market in 2011 due to declining real estate prices at the time, ac-cording to previous news reports.

The historic hotel, which first opened in 1924, has appeared in famous Hollywood movies including The French Connection, Wall Street, Quiz Show, Boiler Room and Man on a Ledge. The hotel temporarily closed in 1995 and reopened in 1997 following a $65 million renovation.

The Roosevelt has 30,000 square feet of meeting and ex-hibit space, including two ball-rooms and 17 meeting rooms.

The loan from J.P. Morgan closed on May 9, according

to city records. The hotel’s owner could not be reached for comment. A spokesper-son for J.P. Morgan declined to comment. —Damian Ghigliotty

The New York-based real es-tate advisory firm Iron Hound Management Company has arranged two recent loans for a

hotel refinancing on the Upper East Side and a ground-up apartment and retail construc-tion project in Harlem, Mortgage Observer Weekly has first learned.

Iron Hound closed a $45 million loan from CIBC on behalf of Denihan Hospitality Group to retire a construction/renovation loan taken out for an extensive upgrade on The Surrey hotel at 20 East 76th Street.

The LEAD

MOW EXCLUSIVE

See Iron Hound... continued on page 3

Iron Hound Closes Deals on Upper East Side Hotel Refi and Harlem Development

Pakistani-Owned Roosevelt Hotel Refinanced by J.P. Morgan

michaelminn.net/newyork

The Insider’s Weekly Guide to the Commercial Mortgage Industry

By the Numbers

$1BAsking price for

the Roosevelt Hotel in 2007

In This Issue

1 Pakistani-Owned Roosevelt Hotel Refinanced by J. P. Morgan

1 Iron Hound Closes Deal on Upper East Side Hotel Refi, Harlem Development

3 Carlyle, Megalith Score $72M Construction Loan For Dumbo Residential Project

3 Greystone Provides One-year Bridge to Permanent HUD Financing for Queens Nursing Home

5 Student Housing Developer Refis Kalamazoo Property

5 Centerline Lends on Washington State Multifamily acquisition

“We’re making a more deliberate effort now to

take more market share.” —Chad Tredway From

Q&A on page 10

2 | May 30, 2014

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3 | May 30, 2014

The renovation of the hotel’s interior, which was completed in 2009, included newly added rooms and expanded restaurant space. The building’s facade work was finished in September 2013, allowing the hotel to oper-ate at full capacity post-renovation.

The new loan from CIBC carries a five-year term including extension options, said Iron Hound Managing Director Christopher Herron. The previous loan was refinanced at maturity, he said.

“It’s a continuing relationship between Iron Hound and Denihan,” Mr. Herron told MOW. “They’re one of the more sophisticat-ed hospitality groups not only in this city, but throughout the country.”

Iron Hound also closed a $36 million con-struction loan from Natixis on behalf of Bobby Cayre’s Aurora Capital Associates and the Adjmi family for their mixed-use apartment and retail development at 5-15 West 125th Street. The completed build-ing, which will span a full block, is expect-

ed to contain 1 0 0 , 0 0 0 square feet of retail space in addition to several apart-ment units.

Both loans closed on May 22.

“These two transactions r e p r e s e n t Iron Hound’s ability to be creative and secure financ-ing on difficult transactions

for our clients,” said Iron Hound Principal Robert Verrone. “We have closed more than $2.25 billion in brokerage assignments across the country and this side of the busi-ness continues to grow, complementing the restructuring services we provide.”—Damian Ghigliotty

Iron Hound....continued from page 1

New York-based multifam-ily and health care lender Greystone brought $36.7 mil-lion in bridge financing on a

senior living facility in Hollis, Queens, to per-manent HUD financing in one year, Mortgage Observer Weekly can exclusively report.

The original bridge loan provided to Centers

Greystone Provides One-Year Bridge to Permanent HUD Financing for Queens Nursing HomeMOW EXCLUSIVE

Developers planning residential conversions in Dumbo received $72.5 million in construc-tion funds backed by three parcels from Tel Aviv-based Bank Leumi, according to records filed with the city of New York this week.

The developers are a partnership com-prised of an affiliate of Washington, D.C.-based asset manager The Carlyle Group, Megalith Capital Management and devel-oper Urban Realty Partners, a representa-tive for Megalith confirmed.

New York-based developer and equity inves-tor Megalith was already at work on the proj-ect—a residential rental and a condominium building—with Urban Realty. Now, they have brought in a new equity partner in Carlyle, though the amount of any equity infusion from the asset manager was not disclosed.

The plots—at 200 Water Street, 177 Front Street and 173 Front Street—were signed over to an LLC controlled by the part-nership for $30.6 million earlier this week. That is exactly the amount Megalith paid last year when it bought the parcels from the Jehovah’s Witnesses, a major Brooklyn landowner that has been systematically shed-ding assets for years now.

Carlyle, Megalith Score $72M Construction Loan For Dumbo Residential Project

The new equity partner, in combination with the construction loan, will allow the group to move forward developing on the parcels, which currently hold warehouses or are vacant.

“We are pleased to have a new equity partner and construction lender as we move forward with our continued goal to create new con-dominium residences and rental apartments within the context of this emerging New York City neighborhood,” said Sam Sidhu, chief ex-ecutive officer of Megalith, in a statement pro-vided exclusively to Mortgage Observer Weekly.

“We have assembled an impressive team led by Ari Aufgang of Aufgang Architects and these new financing partnerships come at an exciting time as we enter the next phase of the projects’ development,” added Shelly Listokin, managing member of Urban Realty Partners, in the statement.

At 177 Front, Megalith plans to build a mixed-use project with 105 residential rent-als and retail; at 200 Water Street the devel-oper is plotting residential condominiums, according to previous reports.

A representative for Carlyle declined to comment; Bank Leumi did not respond to a request for comment. —Guelda Voien

20, 2014, marking a relatively quick takeout.Fred Levine, a loan originator based out

of the company’s Monsey, N.Y., office, led the transaction.

“HUD financing is the best long-term non-recourse financing option for health care properties, and our expertise in this area, such as our state-specific knowledge and relation-ship with HUD, is evident by the successful bridge-to-HUD process for Holliswood that was closed in under a year,” Mr. Levine said.

The private nursing home, which accepts Medicare and Medicaid, is significantly larger than New York’s average facility size of around 183 beds. —Damian Ghigliotty

for Specialty Care Group to acquire the 314-bed facility, Holliswood Center for Rehabilitation and Healthcare, closed in May 2013. The new 30-year HUD loan closed on May

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4 | May 30, 2014

Interests always aligned…

Just do the diligence.

ONE FIRM

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5 | May 30, 2014

Developer Greenhill Partners closed an $18 million refinanc-ing from CIBC on a Kalamazoo, Mich. student housing facility,

Mortgage Observer Weekly has first learned. The building, called the Greenhill at

Kalamazoo, is an apartment-style student housing development, the asset type that Greenhill Partners specializes in, the compa-ny’s website shows.

The 10-year loan has a rate in the mid 4 per-cent range, according to Massey Knakal Realty Services’ Justin Boruchov, who bro-kered the deal. Mortgage Observer Weekly heard

of the just-closed transaction last week at the International Council of Shopping Center’s RECon event. The loan has a five-year interest only period and will be securitized.

“The borrowers purchased the property a year ago using short-term financing but made quick improvements to the asset which creat-ed significant value,” Mr. Boruchov told MOW via email. “We knew that CMBS would be a great execution here,” he said, adding that in-terest rates were “near bottom.”

Neither CIBC nor Greenhill’s executives immediately responded to request for com-ment. —Guelda Voien

Centerline Capital Group, which provides affordable and market-rate multifamily hous-ing services, has originated an $18.5 million Freddie Mac loan facility for the acquisition of a multifamily complex in Everett, Wash., through the firm’s mortgage banking group.

The borrower, listed as 128 Partners LLC, acquired the property, Lakes by Mill Creek, in April for $26 million. Centerline declined to name the seller.

The garden-style apartment complex was built in 1986 and contains 223 residen-tial units. While the roofing and facades of the complex have undergone renova-tions, many of the unit interiors are in their

original state.“This was the perfect buyer for this prop-

erty,” said Peter Clasquin, senior vice pres-ident at Centerline. “Although the project is 99 percent occupied today, a moderate ren-ovation plan will enable the buyer to realize material upside in rents. The owner may then obtain a supplemental loan, sell the property or simply enjoy their low fixed rate.”

Centerline’s servicing team will allow for “continuity and communication throughout the loan term,” according to a company press release. Riverstone Residential Group will provide property management services. —Damian Ghigliotty

MOW EXCLUSIVE

Student Housing Developer Refis Kalamazoo Property

Centerline Lends on Washington State Multifamily Acquisition

Keith Hires has joined national mort-gage provider Greystone, the com-pany announced this week. Mr. Hires will focus primarily on bridge and mezzanine loans for borrowers in the Southeast and Mid-Atlantic and will report to Marty Lanigan, head of Greystone’s portfolio lending group.

Mr. Hires was most recently a managing director at Guggenheim Commercial Real Estate Finance, and built a loan production platform for the company’s Atlanta office, according to a statement from Greystone.

“Keith is an incredible addition to our growing portfolio lending team, and his reach in the Southeast and Mid-Atlantic regions is going to be in-tegral as we look to satisfy the growing demand for interim financing across multifamily, health care and student housing properties,” said Mr. Lanigan in the statement. “Having worked with Keith previously, I know his pro-duction banking talent will be an asset to Greystone.”

Mr. Hires commented that he was “excited to be a part of an organization that has such a strong entrepreneurial spirit,” in the statement.

--Harry R. Silvera has joined Gibson,

Dunn & Crutcher LLP, according to a press release from the firm. Mr. Silvera was last a partner in the real es-tate practice at Fried, Frank, Harris, Shriver & Jacobson.

“Harry is highly regarded by the real estate community and will be a terrific addition to the firm,” said Ken Doran, chairman of Gibson Dunn, in the re-lease. “We have one of the country’s premier real estate practices, and our New York real estate group regularly represents clients in the city’s most significant real estate transactions. Harry’s practice will complement our real estate group and provide addi-tional capacity.”

Work Force

Correction: In a story last week titled, “GFI Capital Receives HSBC Loan on Beekman Hotel Development,” Mortgage Observer Weekly reported that a $195 million con-struction loan amounted to $207 million. That inaccurate number was reported after HSBC reviewed the information we came across in public records and declined to clar-ify. GFI did not respond to previous requests for comment before issuing their press re-lease. MOW later learned that M&T Bank was also a lender in the deal.

Greenhill at Kalamazoo

6 | May 30, 2014

New York Real Estate Summit

State of the Commercial Real Estate-Outlook for 2015

Wednesday, September 10, 2014-8:00 AM to 1 PM

Graduate Center of the City University-365 Fifth Ave, New York City

www.nyrealestatesummit.com

Schedule for the event:

7:30 AM-8:30 AM: Registration & breakfast 8:30 AM-9:30AM: CEO’s View on the market-Where are we headed in 2015? 9:40 AM-10:40 AM: The Hot, hot, residential market in the region 10::40 AM-11:00 AM: Coffee Break 11:00 AM - 12:00 Noon-Sources of debt, equity & alternative financing for commercial real estate 12:00 PM-1:00 PM: Emerging Trends & areas of growth in the office market For additional information visit the website or call: www.nyrealestatesummit.com Michael Stoler, 646-442-0717 mstoler@madisonrealtycapital.com michaelstoler@icloud.com www.michaelstolertelevision.com www.buildingnynylifestories.com www.thestolerreport.com

Panels CEO’s View on the state of market & economy-where are we headed? Scott Rechler, Chairman & CEO, RXR Realty Joseph Sitt, Chairman & CEO, Thor Equities Steven Witkoff, Chairman & CEO, The Witkoff Group Ofer Yardeni, Chairman & Co-CEO, Stonehenge Partners

The hot, hot residential market in the region Peter D’Arcy, President, M & T Bank Allen Goldman, President, SJP Residential Jeffrey Levine, Chairman & CEO, Douglaston Development, Levine Builders Joseph McMillan, Jr. Chairman & CEO, DDG Benjamin Stacks, Greater New York Market Manager, Capital One Bank David Von Spreckelsen, President, Toll Brothers City Living Josh Zegen, Managing Member, Madison Realty Capital

Sources of debt, equity & alternative financing for commercial real estate James Carpenter, Sr.EVP, Chief Lending Officer, New York Community Bank Roy Chin, Regional Director, Commercial Real Estate, TD Bank Kevin Cummings, President & CEO, Investors Bank Ralph Herzka, Chairman & CEO, Meridian Capital Group Matthew Galligan, President, CIT Real Estate Finance Steven Kenny, Eastern Regional Executive, Bank of America Merrill Lynch Tim Johnson, Managing Director, Real Estate Debt Strategies, The Blackstone Group

Emerging Trends & Areas of Growth in the office market Eric Gural, Executive Managing Director, Newmark Holdings Jared Kushner, President & CEO, Kushner Companies Janno Lieber, President, World Trade Center Properties, Silverstein Properties Gregg Popkin, Chief Operating Officer, RFR Holdings

7 | May 30, 2014

Top Ten Special Service - Current

Top Ten Delinquencies LO

The Takeaway

continued on next page s

“Office was the only major property type that did not improve in April, with a delinquency rate increase of nine basis points to 6.82 percent,” said Joe McBride, research analyst with Trepp. “The industrial delinquency rate fell 13 basis points to 8.69 percent and the lodging delinquency rate shed 14 basis points to 6.32 percent. The retail delinquency rate lowered six basis points to 5.65 percent and remains the best performing major property type. The multifamily delinquency rate is now in the single digits after it dropped 39 basis points in April to 9.83 percent, but apartment loans are still the worst performer among the major property types.”

Source:

Prop Type Property Name Balance Delinquency Status City State Loan Type #Loans #Deals

LO LXR Hospitality Pool 913,052,656 Performing Beyond Maturity Various VR Floating 2 1

MF The Belnord 375,000,000 Current New York NY Fixed 1 1

IN Schron Industrial Portfolio 305,000,000 Current various NY Fixed 2 1

IN Bush Terminal 292,500,000 Current Various NY Fixed 2 2

LO Westin Portfolio 234,639,103 Current Various VR Fixed 2 2

OF Lincoln Square 220,000,000 Current Washington DC Fixed 2 2

OF Pickwick Plaza 200,000,000 Current Greenwich CT Fixed 1 1

RT Gulf Coast Town Center Phases I & II 190,800,000 Current Fort Myers FL Fixed 1 1

IN BlueLinx Holdings Portfolio (Rollup) 186,134,811 Current Various VR Fixed 2 2

LO Longhouse Hospitality Pool 151,527,980 Performing Beyond Maturity Various VR Floating 1 1

Property Name Balance Delinquency Status City State Loan Type #Loans #Deals

Resorts International - Casino Portfolio 201,493,678 REO Various VR Floating 2 1

Four Seasons Aviara Resort - Carlsbad, CA 186,500,000 Foreclosure Carlsbad CA Fixed 1 1

Renaissance Mayflower Hotel 186,500,000 Non-Performing Beyond Maturity Washington DC Fixed 1 1

Hyatt Regency- Bethesda 140,000,000 REO Bethesda MD Fixed 1 1

Westin Casuarina Hotel & Spa 138,621,176 90+ Days Las Vegas NV Fixed 1 1

Westin Casuarina Resort & Spa - Cayman Islands 130,928,018 Foreclosure George Town FO Fixed 1 1

PHOV Portfolio (all but Rockville) 121,025,960 Non-Performing Beyond Maturity Various VR Floating 2 1

Loews Lake Las Vegas 117,000,000 REO Henderson NV Fixed 1 1

Trinity Hotel Portfolio (Rollup) 112,662,601 REO Various VR Fixed 1 1

Long Island Marriott and Conference Center 103,500,000 Foreclosure Uniondale NY Fixed 1 1

Hilton Daytona Beach 88,173,173 REO Daytona Beach FL Fixed 1 1

8 | May 30, 2014

Top Ten Delinquencies MF

Top Ten Delinquencies OF

Top Ten Delinquencies RT

continued from previous page s

Source:

Property Name Balance Delinquency Status City State Loan Type #Loans #Deals

Peter Cooper Village & Stuyvesant Town Pool 3,000,000,000 90+ Days New York NY Fixed 5 5

Riverton Apartments 225,000,000 REO New York NY Fixed 1 1

Babcock & Brown FX 2 84,394,981 REO Various VR Fixed 1 1

Marina Shores Apartments 64,600,000 Foreclosure Virginia Beach VA Fixed 1 1

CityView Portfolio II 57,227,594 REO Houston TX Fixed 1 1

Towers at University Town Center 51,269,685 REO Hyattsville MD Fixed 1 1

Westshore Cove 50,000,000 REO Tampa FL Fixed 1 1

Palmer-Rochester Portfolio 1st 49,132,200 90+ Days Various VR Fixed 1 1

Victoria Place Apartments 44,808,220 REO Orlando FL Fixed 1 1

Canterbury Apartments 43,360,000 REO Myrtle Beach SC Fixed 1 1

Property Name Balance Delinquency Status City State Loan Type #Loans #Deals

Bank of America Plaza 363,000,000 REO Atlanta GA Fixed 5 1

COPT Office Portfolio 146,353,613 REO various VR Fixed 1 1

DRA-CRT Portfolio I 133,741,818 REO Various VR Fixed 1 1

Glendale Center 125,000,000 REO Glendale CA Fixed 1 1

123 North Wacker 120,625,621 60 Days Chicago IL Fixed 1 1

Oasis Net Leased Portfolio 109,320,796 REO Various VR Fixed 1 1

Government Property Advisors Portfolio 94,234,874 Foreclosure Various VR Fixed 1 1

Cerritos Corporate Center 90,957,256 REO Cerritos CA Fixed 1 1

Avion Business Park Portfolio 90,886,116 REO Chantilly VA Fixed 1 1

Century Centre Office 89,957,980 Foreclosure Irvine CA Fixed 1 1

Property Name Balance Delinquency Status City State Loan Type #Loans #Deals

DDR/Macquarie Mervyn's Portfolio 153,354,932 REO Various VR Fixed/Floating 3 3

Citadel Mall 136,000,000 REO Colorado Springs CO Fixed 1 1

Northwest Arkansas Mall 125,600,000 REO Fayetteville AR Fixed 1 1

The Source 124,000,000 REO Westbury NY Fixed 1 1

Marley Station 114,400,000 REO Glen Burnie MD Fixed 1 1

Genesee Valley Center 106,433,612 REO Flint MI Fixed 1 1

Rushmore Mall 94,000,000 30 Days Rapid City SD Fixed 1 1

Ariel Preferred Retail Portfolio 87,269,663 REO Various VR Fixed 1 1

Blackpoint Puerto Rico Retail 84,675,000 Non-Performing Beyond Maturity Various PR Fixed 1 1

Fiesta Mall 84,000,000 REO Mesa AZ Fixed 1 1

9 | May 30, 2014

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10 | May 30, 2014

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Q+A

Mortgage Observer Weekly: What does your new role as East area manager of commercial term lending entail?

Chad Tredway: I’m really here to provide two things from a high level: leadership and focus. Our goal is to build our East area platform into a dominant market player.

What are your plans for the business going forward?There are three things we’re focused on as we continue to build the business. The first one is process. We’re closing loans in 45 days or less and we’re going to contin-ue to focus on that. The second one is pric-ing. We’re engaged in the market with our customers and we offer one of the lowest fee schedules in the industry. The third and final one is partnership. We’ve got local decision-makers and we’re looking to build long-term partnerships with our customers. We’re looking for generation-al owners and we’ll help them build and maintain wealth over time.

Who are some of those customers that you can mention?One thing our customers love about us is we have a lot of discretion. I can say we serve a lot of the biggest borrowers in New York and we’ve partnered with them over the last decade. Chase Commercial Term Lending is also the number one multi-family lender nationwide, according to

the MBA. Al Brooks, the president of our CTL business, has done a great job of picking our markets. California has been, historically, where a lot of our business has taken place. We see the Northeast as a growth market for us and Northeast market selection has been par-amount. We’re in Boston, D.C. and New York.

In what others ways do you hope to expand? This is what I call Chase 2.0. We’re looking to grow with big clients and we’re also looking to grow internally as we look for high-quality talent in the market—people with local-mar-ket expertise. We’ve been really focused on growing our team [of 130 employees] in the East region with seasoned professionals. We just hired two experienced individuals, Alex Biagioli and Michael Hagmann, who used to work at Santander. We’re making a more de-liberate effort now to take more market share and to build this business for our customers.

Who are some of your biggest compet-itors in the commercial term lending space in the Northeast?The Northeast market’s probably the deep-est in the country, so anyone with capital is chasing multifamily assets. For us, it’s the usual suspects. We’re always up there with New York Community, Signature, Dime of Williamsburgh, Astoria and the other banks that you guys cover in Mortgage Observer all the time. One thing that sets us apart is the breadth of our team. The average management team here has over 15 years experience.

What’s the average deal size for your team?We’re doing deals from as small as $500,000 all the way up to a package that we just closed of over $100 million. I think the public should understand that we can do small deals, but we can also do deals as large as $100 million, and we’re very competitive on rate and structure.

Are you concerned at all about rising in-terest rates?Our commitment is to stay engaged in the market. We’ve looked at scenarios where rates go up and rates go down and we believe our strategy is adequate in both scenarios. We be-lieve we’re one of the fastest and most reliable banks when it comes to our process and cer-tainty of execution.

Chad TredwayEast Area Manager for Commercial Term Lending at Chase

Chad Tredway

11 | May 30, 2014

12 | May 30, 2014

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MARCH

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The 50 Most Important People in Commercial Real Estate Finance

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Mortgage REITs

Hotel Lending

Twenty on the Rise: Top 20 Brokers Under 35

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Opportunities in Mezzanine Financing Europe