HYBRID CAPITAL ARRANGES $5.3 MILLION IN ACQUISITION FINANCING FOR 70 MULTIFAMILY UNITS IN JERSEY CITY, NJ
Lender appetite for deals enabling aggressive and complex transactions
Thursday, January 29th, 2014 – New York – Hybrid Capital, a New York-based commercial real estate capital advisory firm, arranged $5.3 million in purchase financing for three adjacent multifamily properties in Jersey City, NJ. The announcement was made by Bobby Bakhchi, Chief Executive Officer at Hybrid Capital.
The properties comprise a combined 70 multifamily units and are located in Jersey City, NJ. The transaction was part of a 1031 exchange including an assumption of a seller’s mortgage, and two separate mortgages collateralized by the second and third properties.
To facilitate the transaction, Hybrid Capital had to coordinate multiple closings that required a loan assumption in addition to two other first mortgages. The success of the operation highlights Hybrid Capital’s acumen for coordinating transactions with intricate logistics.
“Our strong relationship with the lenders helped us secure a competitive 3.125% interest rate and a 10-year term for our client” said Yaron Cohen, Director at Hybrid Capital.
Since inception, Hybrid Capital has arranged financing for transactions valued in excess of $2.5 billion.
About Hybrid Capital
Hybrid Capital (Hybrid) is a full service commercial mortgage brokerage and real estate capital advisory firm representing clients nationwide in the course of acquisitions, recapitalizations and construction/development projects. The firm has a track record of success in securing financing for all property types including multifamily, retail, industrial, hotel and mixed-use properties.
Hybrid creates value for its clients by delivering optimal rates and terms for even the most complex transactions through a multi-disciplined, research-driven understanding of the asset, and a depth of relationships with the full spectrum of commercial real estate lenders, including domestic and foreign banks, investment banks, pension funds, REITs, insurance companies, opportunity funds, hedge funds, and private lenders. Hybrid is one of the fastest growing real estate capital advisory firms, providing service for debt and equity placements, mezzanine debt and preferred equity.