New York, NY (PRWEB) August 26, 2008
Glenmere Capital Partners, LLC in conjunction with Katz/Cunningham Mortgage and Real Estate Advisory, has arranged a joint venture between The Kibel Companies, LLC and Toll Brothers, Inc. for the development of 303 East 33rd Street, a 12-story green condominium building located in Manhattan's Murray Hill neighborhood at the corner of Second Avenue.
Kibel chose to partner with Toll Brothers, which was sourced by Glenmere, due to its financial strength, experience, and vast resources. Kibel assembled the approximately 17,500-square-foot site over the past several years, and delivered it to the joint venture fully prepared for construction to commence. Toll Brothers was attracted by the readiness of the opportunity.
Construction has already commenced and completion is scheduled in the fall of 2009. The units will be marketed through Cantor Pecorella, Inc. beginning in the summer of 2008. For more information regarding the property visit http://www.303e33.com.
About Glenmere Capital Partners, LLC
Glenmere Capital Partners, LLC advises commercial real estate owners, operators, developers and investors regarding the execution of all types of structured finance transactions. Glenmere Capital works in tandem with its clients to understand the unique details of each transaction, and responds by engineering and implementing tailored capital solutions designed to increase returns and value. Glenmere Capital provides a single source for the underwriting, structure and procurement of real estate capital. Glenmere Capital's longstanding relationships with both debt and equity financing sources ensure prompt execution at the best possible terms.
Glenmere Capital is currently capitalizing a private equity investment fund which will invest in commercial real estate assets, side-by-side with its advisory services clientele. Glenmere Capital is forming the fund in order to institutionalize the sponsor equity portion of the capital stack, making the market for such capital more efficient. The fund will leverage Glenmere Capital's unique resources including access to: many of the world's most prominent real estate owners, operators and developers; real estate investment opportunities not readily available to the general market; and sources of financing for every level of the real estate capital stack. The fund will invest primarily in the form of preferred and joint venture equity. The fund's investment objective will be to maximize long-term capital appreciation.
For additional information about Glenmere Capital Partners, LLC, please contact Bryant Bernhardt or Ruth Barone at 212-542-8162, or visit http://www.glenmerecapital.com.
ruth @ glenmerecapital.com
Bryant D. Bernhardt
bryant @ glenmerecapital.com
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