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/.