Besen Secures Financing for Gardens Transit Oriented Development (TOD)
Besen is pleased to announce that its Capital Markets group has arranged both the equity and debt necessary for the acquisition and development of a 130-acre land parcel specially zoned and with concept plan approval to develop a mixed-use, transit oriented development (TOD), located just one mile south of the world renowned Woodbury Commons. The half billion dollar, mixed-use project will create a scalable, walkable community with modern apartment living and destination retail surrounding the train station core. Townhouses and other ?for sale' asset types will also be available immediately outside the Harriman transit hub (Metro North).
Matthew Slonim, Chief Operating Officer of Besen, arranged both the loan, with Gamma Real Estate, and the equity, from Targeted Capital Solutions.
"We were able to put together a great team for our client, The Gardens of Harriman Station LLC. Gamma offered the optimal mix of both rate and proceeds, along with term flexibility," said Slonim. "Targeted brought the required equity and development expertise to the project and will assist in the development management," added Slonim.
The project site spans 1.1 miles north to south, is located at a Metro North train station (Woodbury) and is at the crossroads of I-87 and several other key highways.
Jonathan Kalikow, President of Gamma Real Estate said, "We were a logical lender for this exciting TOD project, as it leveraged Gamma's deep development knowledge and was located in our own backyard. There is a lot of exciting Hudson Valley projects in progress including a Legoland theme park and the further expansion of Woodbury Commons."
"We are glad to be a part of this exciting project and hope to do more with the folks at Besen in the future," said Daniel Steinberg, Managing Director of Targeted Capital.
Besen Founded in 1988, Besen is a leading NYC based real estate firm that provides real estate advisory, brokerage and management services. Bringing institutional quality real estate solutions to high net worth individuals, families, trusts, foundations and other private investment groups is Besen's hallmark. It's executive team has been instrumental in the direct purchase, financing, development, asset management and sale of over $5 billion in commercial property assets and have an impressive track record in partnering and co-investing equity with prestigious financial institutions and private investors. Besen's brokerage division has brokered the sale of over $7 billion in real estate transactions. NYC Management (Besen's property management affiliate), has managed over 5 million square feet of commercial assets.
Gamma Real Estate is a boutique commercial real estate firm based in New York City. Owned and operated by the Kalikow family, the firm boasts a 45-year history of success as both lenders and owners of commercial real estate. For more information, please visit www.gammarealestate.com.
Targeted Capital Solutions is a Connecticut based real estate merchant banking firm that undertakes property investment, asset management, and investment banking activities on behalf of private clients, families, trusts, foundations, and other private investment groups. Targeted's principals have been instrumental in the acquisition, financing, management, development, and sale of over $3 billion of commercial property assets and have over 30 years of experience at premier global financial firms.
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