Eastern Consolidated Obtains Financing for Property in Flushing

After joining Eastern Consolidated in 2013, Jonathan Aghravi quickly became a managing director of the company’s capital advisory division. Jonathan Aghravi utilizes extensive experience in real estate and financing to secure ideal capital solutions for clients.

Under the direction of Mr. Aghravi, the Eastern Consolidated capital advisory division negotiated a $42 million bridge loan for Triple Star Realty, LLC, to fund the purchase of a property in Flushing, New York. Triple Star Realty purchased the 100,000-square-foot building for more than $90 million.

Triple Star Realty plans to build a 632,000-square-foot mixed-use waterfront complex that features a 200-room hotel, 360 residential condos, retail space, and a supermarket. The project is currently in the pre-development stage, and the Queens-based company will pursue project financing before launching construction, which is projected to last three years.                            

Senior Debt and Mezzanine Financing

Jonathan Aghravi, senior director of Eastern Consolidated, uses a variety of debt vehicles to provide financing for metropolitan commercial property. In August of 2014, Jonathan Aghravi secured a $65 million loan using senior and mezzanine debt, which enabled the purchase of 6100 Wilshire Boulevard in Los Angeles.

Senior and mezzanine financing represent the top two tiers of financial liability for a borrower. This means that a company with multiple levels of credit will prioritize the paying off of senior debt. Such prioritization stems from the protection that senior debt receives in the form of collateral, as well as in the surety that the loan would be the first paid should the company become bankrupt. Senior debt includes a specified repayment schedule that is included in the contract, which further reduces the risk to the lender.

Mezzanine financing also features a specified payback date but is not secured. It typically costs the borrower more than the same financing in senior debt form; most mezzanine products give more than 20 percent in returns to the lender. This serves as compensation for much of the risk that the lender takes in offering a product that carries a very low repayment priority. These terms frequently represent a vote of confidence in the borrower and may come with an offer of strategic assistance and support in the long term.

Eastern Consolidated Helps Refinance Property in Historic Neighborhood

Jonathan Aghravi, a senior partner at Eastern Consolidated, has been active in commercial real estate negotiations and investments for nearly 10 years. Since establishing the Capital Advisory Division, Jonathan Aghravi continues to help partners design capital solutions to leverage existing assets and expand business.

In one of the most recent transactions headed by Eastern Consolidated, Mr. Aghravi was able to secure a $3.75 million loan to refinance 162 Montague Street. A five-story building housing residential, office, and retail spaces, the property is located in the heart of the Brooklyn Heights neighborhood. As the first neighborhood in New York City to receive the distinction of being classified a Historic District, Brooklyn Heights boasts rustic charm with several rows of brownstone and carriage houses, many of which were built in the early 19th century. The area has appealed to countless famous writers and artists such as Truman Capote, Walt Whitman, Salvador Dali, and more. The loan negotiated by Eastern Consolidated provided the resources to refinance the property and will also allow for renovations in the near future.

Located in the heart of New York City and possessing a staff fluent in 15 languages, Eastern Consolidated helps partners capitalize on growth opportunities through customized financial solutions and leveraged negotiations. To learn more about the portfolio of retail properties managed by Eastern Consolidated, visit www.easternconsolidated.com/properties/.                            

Noteworthy Accomplishments of Jonathan Aghravi - Capital Advisor

Based in New York City, Jonathan Aghravi is senior director in capital advisory at Eastern Consolidated, a real estate investment services firm. Having garnered valuable experience in the profession, first as a loan underwriter with Freddie Mac, Jonathan Aghravi's role at Eastern Consolidated has enabled him to close several very prolific deals in real estate loans.

One such deal took place in August 2014 and included the purchase of an office tower in Los Angeles through a $65,000 securitized loan. The loan spanned 10 years, was interest-only, and full term, and Mr. Aghravi arranged the deal so his client received a concise, cost-effective leverage. 

Another accomplished deal occurred at an Upper East Side co-op property, in which Mr. Aghravi was able to instill a $4,500,000 refinancing arrangement. Another successful refinancing took place in New York City's Gramercy Park, wherein he secured a $3,500,000 loan to refinance the 37-unit residential building.

In June 2014, Jonathan Aghravi was able to secure an $18,000,000 bridge loan for a development project in Manhattan's Rockefeller Center. There was a very short window in which a lender could be identified, and, on short notice, he was impressively able to utilize a nontraditional transaction to close the deal with his client.

Recent Eastern Consolidated Capital Advisory Group Transactions

As senior director of capital advisory with Eastern Consolidated in New York City, Jonathan Aghravi provides capital solutions that optimize lending institution and real estate investment relationships. Transactions Jonathan Aghravi has completed since starting the firm’s Capital Advisory Group include a $6.25 million cash-out refinance on behalf of a foreign investor group in June 2014. This mortgage on a mixed-use property on Church Street in Manhattan has had a positive impact, in freeing up capital that can be utilized for other investment projects.

The following month, Mr. Aghravi closed a $7 million loan with Investors Bank for refinancing a mixed-use property at 3612 Broadway in Manhattan. The terms for this mixed-use property refinancing were optimized to ownership group requirements. In July 2014, Mr. Aghravi placed a $3.7 million loan that will refinance a mixed-use property in Brooklyn’s Boerum Hill neighborhood. In addition to refinancing the existing note, this transaction enables needed upgrades, such as unit renovations, to proceed.                            

Mortgage Brokers Association Celebrate Professionals at Breakfast

As senior director of the New York-based Eastern Consolidated, Jonathan Aghravi works closely with clients to optimize their capital solutions. Prior to joining Eastern Consolidated in late 2013, he served as a principal at Hybrid Capital, also in New York. Outside of his office, Jonathan Aghravi belongs to several organizations, including the Young Mortgage Brokers Association (YMBA).

Established in 1967, the YMBA helps young real estate professionals excel in the finance and real estate industries. Its members include appraisers, mortgage brokers, bankers, and environmental consultants. The YMBA also helps bridge the gap between senior and emerging executives within the industry.

To facilitate networking, the YMBA hosts several events throughout the year. On January 23, 2014, the YMBA held a breakfast with keynote speaker Michael Stern of JDS Development Group. Held at Herrick Feinstein in New York City, the breakfast celebrated Mortgage Observer's list of top 20 mortgage professionals under the age of 35. Mortgage Observer is a publication dedicated to the real estate market. Dennis Russo of Herrick Feinstein moderated the breakfast.

The Chaim Sheba Medical Center at Tel Hashomer

Based in Manhattan, Jonathan Aghravi serves as a principal with Hybrid Capital, Inc., and guides clients in obtaining loans for purchasing or refinancing properties. A contributor to several non-profit organizations, Jonathan Aghravi supports the Chaim Sheba Medical Center at Tel Hashomer.

Created in 1948, the Chaim Sheba Medical Center at Tel Hashomer performs as Israel's national medical center. Located near Tel Aviv, this tertiary referral hospital offers some of the Middle East's most state-of-the-art medicine. Additionally, it partners with clinics around the world and provides compassionate care across its six main facilities. Among the departments at this complex are a children's hospital, a women's hospital, and an acute care hospital.

Along with treating patients, the Chaim Sheba Medical Center at Tel Hashomer features notable medical education and medical research components. Affiliated with Tel Aviv University, it enables students to learn about surgery, imaging, psychiatry, and other fields. Its Medical Research and Development department has contributed to many groundbreaking achievements in Israeli medicine, including its first pediatric hospice and its first center for individuals with Alzheimer's disease. To read more about this hospital’s accomplishments, visit eng.sheba.co.il.