Pryor Cashman Partner Ronald B. Kremnitzer, Co-Chair of the firm’s Real Estate Group, along with Partner Danielle L. Schechner and Associate Ari L. Tran, represented an affiliate of Firm Capital, a Toronto-based private equity firm, in connection with a joint venture partnership with Rhodium Capital Advisors LLC. The partnership closed on the acquisition of a portfolio consisting of 7 multi-family properties located in Harlem, New York on December 21, 2016 for a purchase price of $36,955,000.00.  The acquisition was partially financed through a Freddie Mac loan from Arbor Realty Trust, Inc.

Firm Capital operates as a boutique real estate and financial services private equity investment company deploying capital opportunistically between debt and equity in the real estate private and public markets. Firm Capital currently has approximately $2 billion in mortgage and real estate related assets under management, and is a leading non-bank lender in Canada since 1988.

Rhodium Capital Advisors was represented by Jeffrey Zwick & Associates, P.C. 

GFI Realty LLC and FSA Realty Services LLC acted as real estate brokers on this transaction, while Palladium Capital Advisors LLC and Eastern Union Funding, LLC served as equity and mortgage brokers, respectively.

News of the deal was covered by numerous publications, including The Commercial Observer, Real Estate Weekly and PE Hub, among others.

More About Pryor Cashman’s Real Estate Practice

Pryor Cashman’s nationally-recognized Real Estate Group helps clients buy, sell, develop, lease and invest in properties in New York City and across the U.S. With decades of experience representing every type of stakeholder in the real estate market, we have handled a vast and diverse range of transactions – and know how to creatively structure and efficiently close virtually any deal. 

Providing end-to-end real estate services, regardless of the size of the transaction or dispute, our attorneys work with clients from property acquisition, financing and leasing through construction, development and final sale. We focus on mitigating risks at every turn, while maintaining an experienced team of skilled real estate litigators to resolve any potential disputes.

To learn more about our work in this area, please visit here.