Delshah Capital Closes on $130 Million Loan Arranged By Eastern Consolidated to Finance Conversion and Development of 30 Morningside Drive In Morningside Heights
NEW YORK – January 16, 2018 – Delshah Capital, LLC, (“Delshah”), a leading full-service commercial real estate investment and property management company, announced that it has entered into a $130 million construction loan with Square Mile Capital Management to finance the conversion of a five-building medical facility into a 205-unit, 200,215-square-foot luxury rental complex at 30 Morningside Drive in Morningside Heights.
Eastern Consolidated’s Adam Hakim, Managing Director, and James Murad, Director, of the firm’s Capital Advisory Division, arranged the financing. The team previously arranged a $60 million first mortgage bridge loan for Delshah Capital to finance the acquisition of the property.
“We are thrilled to have closed this loan which completes the financing necessary for the conversion and repositioning of this prime Manhattan site. We would like to extend our appreciation to Square Mile Capital Management for its collaboration and partnership, as well as Eastern Consolidated for arranging this loan with Square Mile,” said Michael Delshah, Principal and CEO of Delshah Capital.
The buildings are currently undergoing a complete as-of-right gut renovation. Interior demolition and abatement have been completed, and the remaining renovation work is expected to take two years.
Constructed between 1896 and 1928, the site consists of five architecturally significant, Ernest Flagg designed, pre-war buildings (including the carriage house), overlooking Morningside Park and Upper Manhattan. The Flagg-designed buildings are generally constructed of buff brick with granite bases, marble ornament, decorative iron balconies, and red slate roofs. Two of the buildings have landmarked exteriors.
30 Morningside is adjacent to St. John the Divine, which is one of the largest cathedrals in the world, and overlooks Morningside Park and all of Manhattan to the East River. It is three short blocks to both Central Park and Riverside Park.
About Delshah Capital
Delshah Capital is a full-service, vertically integrated commercial real estate investment firm specializing in acquiring, developing, and managing multifamily, retail, and office properties or CRE loans throughout New York City. Founded by Michael Shah in 2006, today the firm consists of over 40 professionals within its commercial real estate investment and property management groups. Delshah utilizes a fundamental, value-driven approach towards its investments and has expertise in identifying, structuring, and managing real estate investments on behalf of institutional clients and for its principal account. Since its inception, the firm has grown its equity value from approximately $15MM to over $327MM, and currently owns a portfolio of over 2MM square feet valued more than $800MM, which is expected to grow to $975MM with projects under development. The current portfolio contains 17 real estate assets, composed of 1,200 residential rental units and 10 retail units across the five boroughs of NYC. For more information, please visit: www.delshahcapital.com.
About Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
Back to news list