Recently, Pryor Cashman represented longtime client Emigrant Realty Finance, LLC in connection with two loans totaling over $83 million.
The first, in excess of $48 million, closed on April 2, 2019 and was made to a global investment management firm. The loan will be used to refinance existing debt, as well as to pay lease termination costs and costs incurred in connection with a new net lease of a 435,000 square foot Class B industrial building in Westchester County, New York.
On May 3, Emigrant successfully closed a second loan of more than $35 million made to a Washington D.C. construction lender. The loan will help to finance the development and construction of a new 14-story, 247-key hotel in Washington D.C., which will be operated under the flag of Holiday Inn Express.
The Pryor Cashman Team
Representing Emigrant on these transactions were partners Ronald Kremnitzer, co-chair of the firm's Real Estate Group, and Joseph Brasile, along with associates Ari Tran, Michelle Blanter, Ari Buchen and Tianja Samuel, all members of Pryor Cashman's nationally-recognized Real Estate Group.
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