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NYC: Midtown tower scores $19M loan

 

The Singer & Bassuk Organization LLC (SBO), a boutique finance intermediary representing some of the NYC’s most prominent real estate owners, has arranged a $15 million permanent loan on 9 East 38 Street for a joint venture between Juster Properties and ClearRock Properties.

 

The loan was funded by Lincoln Financial Group and carries a 20-year fixed-rate of 3.86% - extraordinarily low for a commercial property loan of this duration, according to its brokers. 

 

Scott A Singer, President, and Jeffrey Moroch, Managing Director of SBO worked closely with Juster Properties’ President, Howard Juster and ClearRock Managing Principal Steve Grant and Director Joshua Weiner in the transaction. Lincoln Financial Group was advised by its exclusive correspondent Craig Bjornsund of NorthMarq Capital.

 

The property was purchased by the joint venture in 2013, together with the adjacent 14 East 39 Street. After the purchase, ClearRock conceived and executed a creative plan to subdivide 9 East 38 Street and sell 14 East 39 Street and the northern portion of the 38th Street building as a development site to hotel developer Sam Chang.

 

“ClearRock conceived and executed a brilliant strategy to add value to the initial 2013 acquisition,” said Scott A. Singer of SBO. “We were delighted to arrange the permanent financing which completed a remarkable deal-arc that began several years ago. NorthMarq, on behalf of Lincoln, recognized the enormous value in this property, and provided a smooth execution of a non-uncomplicated permanent loan structure.”

 

Steve Grant of ClearRock Properties added, “The Singers are trusted advisors. They had our best interests in mind in 2013 when they suggested we pause the financing of the original deal so we could optimize the financing after our plans were further along. Then, when an opportunity presented itself just prior to the election, SBO pounced on the opportunity to secure and rate-lock creative long-duration, fixed-rate financing at the market low.”

 

9 East 38 Street is centrally located in Midtown within walking distance of both Grand Central and Penn Stations, a few blocks from Bryant Park. The neighborhood is filled with an abundance of retail shopping, dining and entertainment.

 

The Singer & Bassuk Organization LLC is a boutique real estate finance brokerage and advisory firm. Led by Chairman  & CEO Andrew J. Singer, and President Scott A. Singer, the firm’s sole focus and activity is acting as a fiduciary to sophisticated New York City-based property owners and developers seeking best-in-class advisory and brokerage services in connection with securing debt and equity for their real estate projects.

 

ClearRock Properties is an owner/operator of commercial properties in New York City, Connecticut, Boston & Washington, D.C.  ClearRock focuses on urban and suburban projects across the risk spectrum.  The firm adds value through hands-on expertise in development, asset management, leasing, construction and property management.

 

Juster Properties is controlled by Howard M. Juster, a real estate investor with more than 30 years’ experience in a rich variety of property types including CBD and suburban office buildings, as well as extensive retail and multifamily holdings.

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