Iron Hound Management off to a fast start in 2014
CLOSES SIX TRANSACTIONS TOTALLING $219 MILLION IN FIRST WEEKS OF NEW YEAR
(NEW YORK, NY – FEBRUARY 24, 2014) - Iron Hound Management Company, LLC, a real estate investment company specializing in commercial debt and equity transactions and commercial loan restructuring, has closed six deals totaling nearly $219 million thus far in 2014.
Iron Hound Management has completed more than $11 billion in transactions since its inception in 2009, with more than $2.7 billion in 2013 alone. The company arranged over $1.2 billion in new debt placement last year.
“Our long-term relationships with the special servicers allowed us to coordinate and negotiate these successful loan modifications on behalf of our clients, and our growing role as trusted advisors to commercial real estate owners nationwide has allowed us to expand our role in the placement of new debt,” said Robert Verrone, principal of Iron Hound Management Company. “As the CRE finance industry continues to recover, we expect to see even more volume in the year ahead.”
Iron Hound Managing Director Christopher Herron, who runs the day-to-day of the Loan Restructuring and Debt and Equity Placement businesses, said "We continue to achieve successful results for our clients in the loan restructuring space, including two recent note purchases as well as the closing of several debt placement assignments."
In the first deal, Iron Hound, representing Onyx Equities, arranged a discounted note purchase of a $52,000,000 securitized mortgage loan on a 327,000 square-foot Class A office building in White Plains, NY.
Iron Hound negotiated a second discounted note purchase of a $41,250,000 loan for a 560,000 square-foot regional mall anchored by Boscov's, Kmart and J.C. Penney located in Hazelton, PA. The transaction included the discounted purchase of the senior note, and a discounted payoff of a Mezzanine loan.
Iron Hound also arranged the placement of a $14,000,000 acquisition/pre-development loan with a national lender for the property located at 809 Broadway in New York City's Greenwich Village. The sponsors plan to develop a luxury residential condominium with ground-floor retail at the location.
Iron Hound also negotiated the restructuring/modification of a $20,000,000 securitized mortgage loan on a mixed use residential/retail complex located in Ocean County NJ.
In 2013, Iron Hound successfully arranged 13 loan restructurings and modifications totaling more than $1.465 billion throughout the United States. Some of the largest deals included the $470 million restructuring of the securitized loan on the 2.2 million square-foot Prudential Plaza office tower in in Chicago; the modification of the $300 million securitized loan on the 6.1 million square-foot Bush Terminal industrial complex in Brooklyn, NY; and the restructuring of the $147 million securitized loan on the 1.7 million square-foot Renaissance Tower in Dallas, TX.