Pryor Cashman Represents Firm Capital in $30M Acquisition of Multi-Family Properties

NEW YORK, Aug. 22, 2017 /PRNewswire/ -- Pryor Cashman Partner Ronald B. Kremnitzer, Co-Chair of the firm's Real Estate Group, along with Partner Danielle L. Schechner and Associate Ari L. Tran, represented an affiliate of Firm Capital, a Toronto-based private equity firm, in connection with a joint venture partnership with Rhodium Capital Advisors LLC. The partnership closed on the acquisition of a portfolio consisting of 462 multi-family apartment units spread across 14 properties in Bridgeport, Connecticut on August 15, 2017 for a purchase price of $30,540,000.00. The acquisition was partially financed through a Freddie Mac loan from Arbor Realty Trust, Inc. The partnership intends to spend approximately $1 million on building-wide capital improvements and $1.6 million to upgrade and modernize the apartment units.

Firm Capital operates as a boutique real estate and financial services private equity investment company deploying capital opportunistically between debt and equity in the real estate private and public markets. Firm Capital currently has approximately $2 billion in mortgage and real estate related assets under management, and is the largest non-bank lender in Canada.

Rhodium Capital Advisors was represented by Jeffrey Zwick & Associates, P.C.

Jerry Seidenfeld, Managing Director of Eastern Union Funding, arranged the debt financing for the acquisition, and Mark Belsky, Principal of Eastern Union Equity, served as equity investment advisor.

More About Pryor Cashman's Real Estate Practice

Pryor Cashman's nationally-recognized Real Estate Group helps clients buy, sell, develop, lease and invest in properties in New York City and across the U.S. With decades of experience representing every type of stakeholder in the real estate market, we have handled a vast and diverse range of transactions – and know how to creatively structure and efficiently close virtually any deal.

Providing end-to-end real estate services, regardless of the size of the transaction or dispute, our attorneys work with clients from property acquisition, financing and leasing through construction, development and final sale. We focus on mitigating risks at every turn, while maintaining an experienced team of skilled real estate litigators to resolve any potential disputes.

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SOURCE Pryor Cashman LLP

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