Representative Transactions
T30 Capital targets middle market real estate transactions in New York City, the Northeast Corridor and other strategic high-growth markets. The following is a sample of the more than 260 transactions that T30 has executed since inception.
233 Newark Avenue, Jersey City, NJ
T30 Capital, through its predecessor lending entity, Fort Amsterdam Capital, made a loan secured by 233 Newark Avenue, a five-story, mixed-use building totaling 25,459 gross square feet and comprised of 16 residential units, one commercial unit and four parking spaces. The property is located in a high growth neighborhood in Jersey City, New Jersey.
T30’s loan facilitated a cash neutral refinancing of the existing construction loan with additional funding to complete the construction of the property. As of closing, the Sponsor intended to utilize the loan to complete construction of the project, stabilize the property, and refinance the loan with a long-term bank loan.
Parkside at Sandy Springs, Sandy Springs, GA (Atlanta MSA)
Parkside at Sandy Springs is a 102-unit multifamily complex totaling 119,846 square feet, located in Sandy Springs, Georgia. Currently 98% occupied, the property features oversized 1- and 2-bedroom layouts, 146 surface parking spaces and amenities such as a pool, club house, fitness center and laundry facilities. The complex was originally constructed in 1969 and substantially renovated in 2021.
T30 Capital, through its predecessor entity, will implement a value-add strategy via targeted capital expenditures of thorough in-unit renovations and common area improvements to bring rents up to market rate.
475 Washington Avenue, Brooklyn, NY
T30, through its predecessor lending entity, Fort Amsterdam Capital, made a loan secured by 475 Washington Avenue, located in the Clinton Hill neighborhood of Brooklyn. 475 Washington is a six-story, pre-war residential property consisting of 60 units totaling 65,220 square feet, 41 storage units and one parking space. The building is a designated landmark by the NYC Landmarks Commission and is one of only two pre-war residential doorman condominiums with an elevator in Clinton Hill, making this an extremely unique product offering.
475 Washington Avenue was operated as a rental building until mid-2019 and is being converted into a for-sale residential condominium. T30 Capital’s loan facilitates the Sponsor’s business plan to renovate the building, convert to condominium and sell out the units. The property is well-located in Brooklyn with in-demand unit sizes and affordable price points.
The Pridwin Hotel, Shelter Island, NY
The Pridwin Hotel is a historic boutique hotel located on 8-acres of waterfront property on Shelter Island, New York. The Property is the largest hotel on Shelter Island, overlooks the Peconic River, and is one of a handful of resorts on the east end of Long Island that have approximately 50 keys or more.
T30 Capital, through its predecessor lending entity, Fort Amsterdam Capital, provided a first-mortgage bridge loan to finance the recapitalization and renovation of the hotel. The Sponsor’s business plan is to transform the hotel into a full-service luxury resort featuring enlarged guestrooms, a spa and fitness center, a modernized lobby, and an enhanced restaurant and lounge that overlooks the Peconic River. The conversion is expected to be completed for a grand opening in June 2022. The Sponsor has extensive experience in the market and a successful track record of renovating and operating boutique hotels.
The Parker, Boston, MA
T30 Capital, through its predecessor lending entity, Fort Amsterdam Capital, provided an $85.0 million bridge loan collateralized by 102 residential condominium units and one retail condominium unit at The Parker, a 168-unit, high-end residential condominium located in Downtown Boston, Massachusetts. The Property is situated in a high-barriers-to-entry market with limited competing supply, proven demand, liquid price points and near-term unit closings.
The Loan and additional sponsor equity were used to refinance the existing construction loan and fund completion costs and carry costs. The Sponsor is a vertically integrated real estate investment management company and developer with a portfolio valued at +$3 billion.
150 Lexington Avenue, Manhattan, NY
150 Lexington Avenue is an assemblage of four underutilized sites with 9,875 square feet of land area and approximately 60,000 square feet of zoning floor area in the Nomad Neighborhood of Manhattan. The properties were acquired vacant and collectively have 200 square feet of frontage and allow for a maximum building height of 120 feet. The Sponsor amassed the assemblage by acquiring the fee simple interest in two sites and entering into a ground lease and purchase option and development agreement for the other two sites.
T30, through its predecessor lending entity, Fort Amsterdam Capital, made a loan to fund the acquisition of the sites and facilitate the Sponsor’s business plan to commence development of an 11-story, 82,100 gross square foot luxury condominium with a ground-floor retail suite. The Sponsor is a seasoned real estate investor and developer throughout New York City and across the country.
170 Java Street, Brooklyn, NY
T30 Capital, through its predecessor lending entity, Fort Amsterdam Capital, provided a first mortgage construction loan collateralized by 170 Java Street in the Greenpoint neighborhood of Brooklyn, New York. Once developed, the property will feature a four-story, six-unit, boutique residential condominium consisting of 5,616 net sellable square feet.
The loan refinanced the acquisition loan and will fund the remaining construction costs. The Sponsor is a local developer that has extensive experience and a successful track record of developing multifamily properties in the Greater New York City market.
212 West 93rd Street, Manhattan, NY
T30 Capital, through its predecessor lending entity, Fort Amsterdam Capital, made a loan secured by 212 West 93rd Street, a newly-constructed, 14-story, 20-unit luxury residential condominium, located in the Upper West Side neighborhood of Manhattan, New York.
The loan refinanced the construction loan and provided the Borrower with sufficient capital to carry the property through the condominium sales process. The Sponsor is a best-in-class developer with significant experience in the market.
SoHo & Water Mill Portfolio
T30 Capital provided a first mortgage bridge loan collateralized by two well-located, mixed-use properties in the SoHo neighborhood of Manhattan and a newly-constructed, high-end single-family speculative home in Water Mill, New York.
The loan proceeds were used to refinance the Borrower’s existing loans and provide the Borrower with ample time to sell the single-family home as well as the capital necessary to roll the mixed-use tenants to market. The Sponsor is a seasoned real estate investor who owns several assets across the Greater New York City Area.