Triangle Secures $106M For Two Midtown Office Buildings


Iron Hound Management Company, LLC, completed over $400 million in loan modifications and refinancing on two New York-based properties.

The announcement was made by Robert Verrone, principal of Iron Hound Management Company.

Iron Hound and its team of industry veterans restructured a $300 million securitized loan, with LNR, for Bush Terminal, a 6.1-million-square-foot industrial complex in in the Greenwood Heights neighborhood of Brooklyn, NY.

Last month, it was revealed that Chelsea Market owner Jamestown Properties and two partners were in contract to buy a stake in the waterfront manufacturing complex also known as Industry City.

Andrew Kimball, the former chief executive of the Brooklyn Navy Yard, who left the Yard for Jamestown earlier this year, will become chief executive of the complex, according to a report in Crains.

Verrone note this was the second modification that Iron Hound arranged on this asset for sponsor Ruby Schron.

“In the most recent modification, a team from Belvedere, Jamestown and Angelo Gordon were brought into the deal,ˮ he explained.

“Iron Hound arranged the assumption and restructured the existing modification to give the new borrowing entity the ability to put more capital into the project, gain a higher preferred return, and more favorable back-end splits.”

The complex, which is home to a diverse mix of businesses, from artisans and apparel manufacturing to data centers and warehousing, is in the midst of a 10-year modernization and preservation program and will use the cash injection for post-Hurricane Sandy repairs, among other asset improvements.

Iron Hound, which recently expanded its reach on the brokerage side to include loan debt and equity placement, also structured the payoff of the $106 million defaulted securitized loan and the placement of new debt with Starwood Capital on 2 West 46th Street and 369 Lexington Avenue for sponsors Joe Stavrach and Faraj Srour.

The 17-story tower at 46th street houses 150,000 s/f of office space and 17,000 s/f of retail, while the 28-story tower at 369 Lexington boasts 108,000 s/f of office space and 20,000 s/f of retail.

“Our expertise in commercial real estate along with our broad range of industry contacts enables us to negotiate successful loan modifications that benefit both the lender and the bondholder,” said Mr. Verrone. “Iron Hound has the business sense and knowledge to structure creative capital solutions.”

Founded in early 2009, Iron Hound Management has completed nearly $10 billion in transactions.


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