Press Release
HYBRID CAPITAL ARRANGES $13 MILLION FINANCING
FOR GRACE’S MARKETPLACE ON MANHATTAN’S UPPER EAST SIDE
Neighborhood Institution to Relocate Nearby
December 5, 2013 – New York – Hybrid Capital, a New York-based full-service commercial mortgage and advisory firm, arranged $13,000,000 in financing for the owners of Grace’s Marketplace, a gourmet food market on Manhattan’s Upper Side. The loan will be utilized by Grace’s Marketplace to move from its present location at Third Avenue and 71st Street, to a new space on Second Avenue and 68th Street.
According to Bobby Bakhchi, the CEO of Hybrid Capital, “With the recognition of Grace’s as a neighborhood institution since 1985, and its plans for a new expanded location within the area, we found a great deal of interest from lenders, enabling us to achieve competitive rates and terms for our client.” Faced with an expiring lease at its current location, Grace’s used the opportunity to find a larger space nearby, consisting of 7,700 square feet with 20-foot ceilings, compared to its current 12-foot ceilings, giving the new space an expansive feel. The new location also contains 5,000 square feet of basement space. Grace’s also plans to offer customers a new open kitchen café, full-service salad bar, and European-style espresso bar. The lease at 68th Street is for 15 years with a five-year renewal option. Construction on the new space is slated to begin right after the new year, with move-in targeted for summer 2014.
Over the past three years, Hybrid Capital has arranged financing for properties valued in excess of $1.5 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.