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44 Hudson - Tribeca GP Loan
Offering short link
Raise Details
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Gross Offering$1,000,000 USD
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Available Units0.00
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Minimum Investment$50,000 USD
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Maximum Investment$1,000,000 USD
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Open DateMar 01,2020
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Closing DateMar 13,2020
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Investment TypeGP Loan
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Maturity24 months
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Real Estate UseOffice
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Maturity End DateMar 15,2022
Type
| Type | Number of Units | Available Units | Cost per Unit | Gross Offering | Annual Yield | Term |
|---|---|---|---|---|---|---|
| GP Loan | 10.00 | 0.00 | $100,000.00 USD | $1,000,000.00 USD | 12.00% | 24 months |
| Totals | 10.00 | 0.00 | $1,000,000.00 USD |
Executive Summary
Chesterfield Faring, Ltd. (“CFL”) is making a $1.5 million preferred equity investment (“PE”) to Prime Manhattan Development LLC (“Sponsor”) in 44 Hudson St, New York, NY 10013 (the “Property”). The Property is a 5-story commercial classic loft building with the elevator opening in the center of each floor. Located in the heart of Tribeca, tenants are naturally attracted to this fully gentrified neighborhood; especially tech companies and other boutique firms. Built in 1890/1903, the Property contains 10,015 gross SF above grade plus a 2,003 SF basement. The PE will be used to build-out a model unit on the third floor, common area upgrades, and pay other expenses. Floors 2- 5 have been gutted. The plan is to gut the first floor and basement then rent to a single retail tenant, plus lease the 2nd through 5th floors to office tenants. It’s possible the entire building could be leased to a single tenant. The Sponsor has obtained multiple letters of intent (“LOI(s)”) from potential office & retail tenants.
Highlights
- Prime Location
- High Yield
- GP Loan
- Positive Sponsor Profile
Comments
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