Case Studies

City Crescent, Class-A Office Building Acquisition

Equity Investment

Investment Type

Equity Investment

Location

Baltimore, MD

Square Footage

311,000 sf

City Crescent is a 311,000 sf, 11-story Class-A office building constructed in 1993 as a build-to-suit for GSA, and is currently 100% leased to the US government.  Building has numerous GSA specific features including underground secure garage, redundant security, unique IT/power systems and bullet/bomb proof areas.  Glacier acquired the property in 2012 and has since developed an investment strategy to upgrade the property's MEP systems and turn the property into LEED certified building.

10 Jay St - Office Acq. & Redevelopment

Equity Investment

Investment Type

Equity Investment, Redevelopment

Location

Dumbo, Brooklyn

Square Footage

235,000 square feet

Glacier Global Partners acquired the property and is re-developing it into a Class-A building. The waterfront property is located in the heart of Dumbo and boasts magnificent unobstructed views of Manhattan's financial district, Midtown Manhattan, and the Brooklyn Bridge Park which wraps around the building. The building is 10-story high with 25,000 sf floor plates and is in close proximity to public transportation including subway, buses and ferry.

10 Jay Street, Dumbo/Brooklyn

Debt and Equity Investment

Investment Type

Bridge Loan and JV Equity

Location

Dumbo, Brooklyn NY

Square Footage

175,000 SF

Glacier originated a $34 million first mortgage loan to refinance a maturing loan secured by a 175,000 SF Class-B office building, located in the Dumbo neighborhood of Brooklyn, NY.  Proceeds from the loan were being used to reposition the property.  The building is located at 10 Jay Street, a long the East River and adjacent to the newly planned Brooklyn Bridge Park expansion.

102-10 Queens Boulevard, Queens, NY

Equity Investment - Residential building acquisition

Investment Type

Equity Investment

Location

102-10 Queens Boulevard, Queens, NY

Square Footage

23,000 SF

Glacier acquired a Class-A, newly built residential building located in the Forest Hills neighborhood of Queens, NY.  The property was leased at below market rents.  Since acquisition, Glacier has improved the cosmetics of the building, vacated delinquent tenants, and has increased the rents by over 10% in the first year of ownership.  The building consists of 8-stories and comprises 33 residential units.

15 Renwick, Manhattan/SoHo

Equity Investment - Luxury Condominium Development

Investment Type

Equity Investment

Location

New York, NY

Square Footage

75,000 SF

Glacier acquired a $28MM non-performing loan secured by a stalled development site in SOHO in an off-market transaction, then completed an uncontested foreclosure. Glacier, alongside a development partner, built a 75,000 square foot  12-story luxury residential building comprising 33 units. The property is located in the vibrant downtown SOHO neighborhood.

 

 

211 W. 58th Street, Manhattan/Upper West

Equity Investment

Investment Type

Equity Investment

Location

211 W. 58th Street, Manhattan/Upper West

Square Footage

10,000 SF

Glacier Global Partners acquired a non-performing note secured by this 10,000 sf, 17-unit residential building located on the Upper West Side, a block from Central Park.  Upon acquisition of the note, Glacier negotiated to acquire the deed from the then current owner in lieu of foreclosure and sold the property free and clear.

215-219 West 28th Street, Chelsea/Manhattan

Debt Financing

Investment Type

First Mortgage Loan

Location

215-219 West 28th Street, New York, NY

Square Footage

109,000 SF

Glacier originated a $36 million first-mortgage land loan which was used to refinance an existing financing and provide the borrower with additional capital for certain pre-development work.  The property is located in Chelsea and is slated for a 109,000 sf luxury condominium development.

70-74 South Fourth Street

Debt Investment

Investment Type

Debt Investment

Location

Williamsburg, Brooklyn

Square Footage

35,000 SF

Glacier acquired a non-performing note secured by 74 South 4th Street, a newly built, 7-story, 33-unit residential condominium building located in Williamsburg, Brooklyn.  Glacier restructured the note for the then existing owner and was ultimately paid off in full.

Bridgemarket Retail, Manhattan/East Side

Debt Financing

Investment Type

Mezzanine Financing

Location

59th Street Bridge, New York, NY

Square Footage

98,000 SF

Glacier provided mezzanine financing, subordinated to a first-mortgage CMBS loan, in order to provide the Borrower with needed liquidity.   The property is a 98,000 square-foot, Class-A retail center located under the 59th Street Bridge in Manhattan.  The property is 100% occupied by Food Emporium, TJ Maxx, and Gustavinos and is subject to a ground lease with the City of New York with 36 years remaining term.

Investment Type

Location

Square Footage

City Crescent, Class-A Office Building Acquisition

Equity Investment

Investment Type

Equity Investment

Location

Baltimore, MD

Square Footage

311,000 sf

City Crescent is a 311,000 sf, 11-story Class-A office building constructed in 1993 as a build-to-suit for GSA, and is currently 100% leased to the US government.  Building has numerous GSA specific features including underground secure garage, redundant security, unique IT/power systems and bullet/bomb proof areas.  Glacier acquired the property in 2012 and has since developed an investment strategy to upgrade the property's MEP systems and turn the property into LEED certified building.

Five Franklin Place, Manhattan/Tribeca

Equity Investment - Luxury Condominium Development

Investment Type

Equity Investment

Location

Tribeca, Manhattan

Square Footage

130,000 SF

Glacier acquired a non-performing loan at a discount from a debt fund, along with a pre-arranged settlement agreement with the existing borrowers. The loan was secured by a 130,000 sf development site located in the Tribeca neighborhood of Manhattan. Upon acquisition, Glacier received a deed-in-escrow allowing it the ability to take ownership of the project immediately.

The site was approved for an  18-story luxury tower.  The site was already excavated, and foundation built by the prior owners, providing Glacier with the opportunity of continuing the development at a fraction of the original cost basis with significantly lower risks.

Glacier was able to acquire this site in an off-market, all-cash transaction at an attractive price. Glacier completed its due diligence process on this complicated transaction within 10 days and closed on the transaction within 2 weeks thereafter.

Nicollete Mall, Minneapolis, MN

Debt Financing

Investment Type

First Mortgage Loan

Location

Minneapolis, MN

Square Footage

254,000 SF

Glacier provided an $18.5 million first-mortgage acquisition loan and an additional $3.5 million post closing earn-out facility for TI/Leasing to facilitate the acquisition and re-positioning of Nicollete Mall, a 254,000 square-foot mixed-use Trophy property located in downtown Minneapolis. The property consists of 184,000 square feet of retail, 70,000 square feet of office and a 481- stall parking garage.

Glacier closed the loan in 10 days after stepping in when a prior lender failed to close as the purchaser had a hard contract with a “TOE” closing.

Reserve at Glenville, Albany, NY

Equity Investment

Investment Type

Equity Investment

Location

Albany, NY

Square Footage

100,000 SF

Glacier purchased the newly built property from Prudential Insurance Company alongside a local operating partner.  The property is a Class – A apartment complex with 180 units and 418 parking spaces, and was 92% occupied at the time of acquisition.  The property is fully amentized on a 17 acre site with a pool and clubhouse.

Ritz Carlton Hotel, Westchester NY

Hotel Acquisition

Investment Type

Equity Investment

Location

White Plains, NY

Square Footage

146-Room Luxury Hotel

The Ritz Carlton Hotel, located in the heart of Westchester County, is the most luxurious hotel in suburban New York City.  Built in 2007, the hotel comprises 146 guest rooms, 9,255 square foot ballroom, an outstanding destination spa, fitness center, indoor pool and gourmet dining options, including BLT Steak House and 42 Restaurant, which is located on the 42nd floor of the building and boasts spectacular views.  The panache combines a passion for old world luxury infused with contemporary flair.  The construction and style of this property simply cannot be duplicated in this market, making the Ritz-Carlton Westchester a truly unique lodging establishment.

The Charles, Manhattan/Upper East

Debt Financing

Investment Type

Second Mortgage

Location

Manhattan/Upper East

Square Footage

100,000 SF

Glacier provided a 2nd mortgage loan to allow the borrower to re-capitalize a stalled development project and to facilitate certain pre-development work.  The loan was secured by a 100,000 square-foot luxury residential condominium development site known as “The Charles”, one of the most well-known and anticipated development projects in the Upper East Side, located on First Avenue between 72nd and 73rd Streets.  Glacier's loan allowed the borrower to bring their first mortgage loan current, and complete the necessary pre-development work to allow them to obtain construction financing.

Contact Us

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220 East 42nd Street, Suite 3002,
New York, NY 10017

P : 646-681-8300

E : info@glaciergp.com

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