Eli Tabak and Marc Mendelsohn, founding partners at The Bluestone Group, are confident that Mr. Terrasi is a great fit. "This property deserves to be the kind of wonderful economic driver it was in the past," he said during a ceremony Tuesday afternoon at the former Fairchild grounds adjacent to Hagerstown Regional Airport. I wholeheartedly agree with you. The complex has been divided into two parcels. The new owners also plan to put several million dollars into upgrading rooms and renovating interiors, as well as additional landscaping and outdoor improvements. According to an economic study published by the Anderson Economic Group,[18] the museum was projected to generate approximately $5.75 million per year in new spending into the regional economy. With several Fairchild Aircraft airplanes behind him, Michael Langer said the company's old factory could see a bright future. Gans seeks $100 million in damages on claims that several companies controlled by members of the Tabak real estate family have conspired with each other to sell his sizable real estate portfolio out from under him. Tenants are skeptical that Bluestone Group principals Eli Tabak, Ari Bromberg and Marc Mendelsohn (from left) will properly rehab their buildings. "We were able to finance this well-located property at an attractive basis and partnering with MRC allowed for a smooth and quick execution on this deal," Eli Tabak, a Bluestone Group founder, said in prepared remarks. This change has not been communicated very well to the residents. It was owned by a few larger, more healthcare-type owners, Tabak said. Real Estate. Bluestones leverage over Gans began with a $17 million mezzanine loan originated as part of the Mack-led refinancing in 2018, but the Tabak familys strategy to seize Gans portfolio kicked off later, he claims, when Bluestone called in a separate $5 million preferred equity agreement at a time when the pandemic had cut off Scores revenue. Zolty said the new name, Legacy at Imperial Village, is meant to reflect Imperial Plazas legacy in Richmond and the village-style community they envision. ELi provides free, local, non-partisan, accurate news and information about East Lansing, including reports on our local public schools, clubs, businesses, economic and governmental activities, arts events, and so forth. The second property, where Hager planned to build a 26-story, mixed-use tower with a 275-key hotel, was also purchased in 2019 with MRC as the senior lender. In addressing the crowd, Langer and Tabak praised the work of local business and economic development leaders, including representatives of the Washington County Department of Business Development. It was owned by a few larger, more healthcare-type owners," Tabak said. Here are some links you might find helpful: You can always write to us through our online "contact" form, or you can send us paper mail at East Lansing Info, PO Box 115, East Lansing, MI, 48826. Toggle Fullscreen 1/10 Buck Ennis Martha. Gans also accuses Bluestone affiliates of secretly negotiating lease terms for 605 West 45th Street, a property that forms part of a larger assemblage but is not collateralized by Bluestones interests. Reach him at [emailprotected] or (804) 308-2447. If you are looking for the latest news, go to eastlansinginfo.news and update your bookmarks accordingly! ELi provides free, local, non-partisan, accurate news and information about East Lansing, including reports on our local public schools, clubs, businesses, economic and governmental activities, arts events, and so forth. Meridian Capital Groups Shaya Ackerman and Shaya Sonnenschein negotiated the three-year bridge loan, which features a rate of 650 basis points over LIBOR. Zoning permits a variety of uses across the portfolio financed, diversifying its potential redevelopment opportunities, sources said. The buildings street-level retail includes a corner 7-Eleven store. We are glad you asked! ELi promotes communication among members of the greater East Lansing community, including across generations, across neighborhoods, and between permanent and temporary residents of our community. It also owns Carriage Hill Apartments, a 297-unit complex at 7098 Fernwood St. in Henrico that it bought in 2019 for $32.2 million from Alexandria-based Bonaventure Realty Group. Eli Tabak's email address is e**@bluestonegrp.com. She said her father, James Kercheval Jr., was director of engineering at Fairchild. Founders Eli Tabak, Marc Mendelsohn. The owners, doing business as 85 Flatbush RHO Hotel LLC, were. Tabak said such activity is whats drawn his and Brentwoods investment interest in the region. You can always talk to sales if youre interested in advanced plans. Active, Closed, Whether an Organization is for profit or non-profit, General contact email for the organization. Contact Email info@bluestonegrp.com. At one side of the event Tuesday, a video display showed images of what museum and convention center space might look like at New Heights. One path for Gans to deal with his growing debt is to sell his holdings. Founding Partner & CEO, The Bluestone Group and Bluestone Capital LLC & Principal at Bluestone Capital LLC New York City Metropolitan Area Eli Tabak Owner, Mower n More Milford, MA Eli. FONT SIZE. Well said, Bruce! Get started for free, then add your whole team. During the Covid shutdown my mothers apartment and furnishings became infested with roaches, and it has caused numerous issues during her move to a new facility (including loss of furniture due to severe infestation) Trying to get any real response from management took months of work with myself and the state ombudsmans office. We are recognized as a 501(c)(3) nonprofit by the IRS, so financial donations are tax-deductible. in both cases in September after Hager defaulted on interest payments. In keeping with the standards of the Institute for Nonprofit News, of which we are a proud member, our organization make public which donors give a total of $5,000 or more per year on our Sponsors page. Two days before the Imperial Plaza closing, the firms purchased the American Heritage Apartments building at 1001 E. Main St. . Seburn traced a brief history of the company and singled out each airplane on display, from small trainers to large "flying boxcars.". Eli Tabak works in the Staffing & Recruiting industry. There is no recent news or activity for this profile. A spokesman for Mack Real Estate declined to comment. (Jonathan Spiers photos). There are 5 professionals named "Eli Tabak", who use LinkedIn to exchange information, ideas, and opportunities. Most of the complex, now marked by a Topflight Airpark sign at 18450 Showalter Road, has been empty for several years. We promise to execute on our plan and not stop,"Tabak said. Eli Tabaks Bluestone Group is the mezzanine lender on both properties, with $6 million on the hotel property and $3.5 million on the development site. Gans currently leases the property with an option to buy it. You are on eastlansinginfo.org, ELi's old domain, which is now an archive of news (as of early April, 2020). The foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. Langer, of The Langer Co., is part of a new ownership group looking to bring new uses to the complex. In a lawsuit filed this week, the real estate investor alleges a sweeping and predatory scheme on the part of his lender, Eli Tabaks Bluestone Group, to turn a $5 million equity loan into an epic windfall. Through that work, she said, she's learned that Fairchild airplanes have fans far and wide. In January it originated a $109 million bridge loan for, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs. Its also near the Mutual Building at 909 E. Main St. that Shamin Hotels sold in December for $12.8 million to Landmark Property Services and The Wilton Cos., which are planning to convert the 152,000-square-foot office building into 170 apartments with ground-floor retail space. The museum "will generate new opportunities for existing businesses and potentially new businesses", the report noted, adding that it "is likely to attract visitors with relatively high incomes, high levels of education, and tastes and preferences"[1]. Officials at the brokerage declined to comment on the details of the financing, or to identify the borrower. Peaked at 4 percent in 2016 and has been at .5 to 2 percent since, huh, I always thought that was a Nixon quote. Eli Tabak's Current Company Details The Bluestone Group Raritan, New Jersey 29 Employees staffing & recruiting With over 20 years of experience, The Bluestone Group specializes in the legal and financial services with recruiting expertise in Derivatives and Structured Finance including Derivatives and Structured Finance. Tabak said theyre planning interior upgrades to the building and looking to fill two available retail spaces. We work hard to make sure we do not make news decisions on the basis of donor support, because we see our duty as being to the community as a whole. Read the latest edition of the Commercial Observer online! learn about our conflict of interest policies. Operating Status Active. Bluestone has been very active in the pursuit of NPL's in the New York tri-state area, closing in excess of $300,000,000 in transactions in the past year. Imperial Plaza is long overdue for an overhaul, and that includes management particularly in Assisted Living. Ross Sanders with Newmark brokered the deal for seller Dominion Partners, an Alabama-based firm that had owned Imperial Plaza since 2001, according to city property records. Brentwoods other Richmond-area holdings include the 219-unit Canterbury Square Apartments in Henrico and the 218-unit Ashland Towne Square apartments in Hanover. Jonathan joined BizSense in early 2015 after a decade of reporting in Wilmington, N.C., and at the Henrico County Leader. The Bluestone Group is a private investment firm that was formed to capitalize on increasing prospects in the opportunistic real estate market. He said American Heritage was 95 percent occupied at closing. I await more comments from the nattering nabobs of negativity (thank you Spiro Agnew for your only contribution to American culture) about the citys demise. He holds a Bachelor of Business Administration with a concentration in Marketing from Pace University. Fairchild's A-10 Thunderbolt II, known as the "Warthog," remains in active duty. On Friday, the owners of The Tillary Hotel at 85 Flatbush Avenue Extension in Downtown Brooklyn filed for bankruptcy, the same day it was scheduled for a UCC foreclosure auction. and encourages audience members to consider participating in ELi as editors and reporters. The deal had not been recorded with the city by noon Monday and was not reflected in online records by close-of-business. Over the course of his career he has successfully originated in excess of $1 Billion in commercial mortgages, as well as the disposition and workout of $150 + million of non accrual loans. Mr. Terrasi is a distinguished banking and real estate professional with over 12 years of experience in commercial lending, construction financing, commercial and industrial loans, workouts, and the disposition of non-performing loans. Rosewood Realty Group was hired to oversee the virtual UCC auction for both properties, according to the marketing material reviewed by CO, with Aaron Jungreis, Greg Corbin, Aaron Kline, Brandon Serota, Chaya Milworn and Elliot Haft making up the team. FOR ASSISTANCE WITH YOUR MEMEBERSHIP PLEASE EMAIL [emailprotected]. Eli Tabak has been working as a Chief Executive Officer at The Bluestone Group for 16 years. Gans assets include the building that houses Scores on West 28th Street, a retail property in Soho and 32,000 square feet of industrial property in Queens. The Bluestone Group is a private investment firm that specializes in real estate market and property management services. Following the approval of the museum there were initially 10 semifinalist firms identified from a field of approximately 30 firms. NEW YORK, Oct. 1, 2014 /PRNewswire/ -- The Bluestone Group, a leading real estate investment firm in the New York tri-state area, today announced the hiring of Charlie Terrasi to lead ongoing operations and the company's expanding bridge and structured financing platform. Eli Tabak did not respond to requests for comment. Bluestone. led the origination of the $148 million loan and. Eli Tabak and Marc Mendelsohn, founding partners at The Bluestone Group, are confident that Mr. Terrasi is a great fit. He claims he is trying to do just that. East Lansing Info, known as ELi, is a non-profit citizen-run local news cooperative of the people, by the people, and for the people of East Lansing, Michigan. Your subscription has expired. This is awful! Bluestone Group affiliate Bluestone Capital led the origination of the $148 million loan and Mack Real Estate Credit Strategies took a senior participation of $130 million. Some of the other speakers Tuesday were John Seburn, president of the Hagerstown Aviation Museum, and Pam Ebersole, a former Fairchild employee. Bluestone initiated the UCC foreclosure process in both cases in September after Hager defaulted on interest payments. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Greystone sells Lantana apartments to real estate mogul for $10M, Hialeah Gardens industrial site trades at $1M/acre, as market softens, Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit, Massive waterfront Southampton estate heads to auction block, Pasadena moves to eliminate planned development zoning, CF Industries relocates suburban HQ to Northbrook with slight downsize, LaSalle sells OC office building at 55% loss. Before the market crashed, Bronx landlords overborrowed and raised rents. On June 1, 2007, Michigan State received a $28 million donation from businessman Eli Broad and his wife, Edythe, for the construction of a new art museum, to replace the old Kresge Art Museum in the school's art building. The Bluestone Group is part of the Business Services industry, and located in New Jersey, United States. (To learn more about contributing, click here.). In an effort to promote community news sharing and to focus especially on East Lansing, ELi confines itself to local news and information (you won't find any editorializing at ELi!) The complex was built in 1967 and has not been substantially renovated in decades, said Eli Tabak, CEO of Bluestone Group. Is it just my imagination or are the naysayers also the self-same NIMBYs who come out in opposition to any and every project that pushes the city forward? Imperial Plazas entrance off Bellevue Avenue. Our work is made possible by our generous supporters. We acknowledge our gratitude to our corporate sponsors by presenting their logos in certain parts of our productions. Bluestone continues to seek opportunities in the distressed debt and REO arena as well as traditional commercial real estate opportunities. [4] Michael Rush was named as the founding director in December 2010. A multimillion-dollar updating of one of Richmonds longest-running senior living communities is in the works following a $75 million purchase last week. Meanwhile, Bluestone and Brentwood have further upped their investment in the Richmond market with their purchase of a downtown apartment building. Noone is helping us to find other accommodations, as they intimated, noone will answer my calls. ( Photo courtesy of Bluestone Group) "It's very historic to Richmond, it's been there since the '60s. Eli Tabak's direct mobile number is (646) XXX-XXXX. Isaac Hagers Cornell Realty Management, and its partners, have filed for bankruptcy on two Brooklyn properties in the last week, hours before each was scheduled for a Uniform Commercial Code (UCC) foreclosure auction. Bluestone Capital, led by co-founders Eli Tabak and Marc Mendelsohn, has been aggressively expanding its bridge lending platform lately. Manhattan real estate investment firms Princeton Holdings and the Bluestone Group have closed on the first phase of a large national office portfolio acquisition with the purchase of four buildings - one each in Washington, D.C., Houston, San Diego and Sacramento, Calif. - for approximately $250 million. ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE. Seems like a lot of the same folks, on the one hand, say, We dont want this or that. Or Richmond doesnt need this or that Yada yada. Read the latest edition of the Commercial Observer online! Its a 60s-vintage, beautiful property, and it has been really outdated, Zolty said Monday. Gans controls a portfolio of real estate assets and operating businesses throughout Manhattan. Click here to see your options, all of them free. At their June 15 meeting, the MSU Board of Trustees approved the construction of the museum with initial plans to demolish the building then in the proposed location, the Paolucci Building. Besides the insect infestation, the hot water system breaks down on a continual basis. We will accept anonymous donations for general support only if it is clear that sufficient safeguards have been put into place that the expenditure of that donation is made independently by our organization and in compliance with INN's Membership Standards. Robert Gans, 533 West 27th Street and Eli Tabak (Robert's Steakhouse, Google Maps) When God closed the door on a Manhattan strip club, he opened a window for lenders to fight for control of a. A judge dismissed Bluestones effort to void the senior mortgage in March, ordering it to pay the other sides legal fees. Click here to see your options, all of them free. We think of ourselves as a "news cooperative" because we encourage all of our readers to consider contributing news and information. The new owners are Bluestone Group, a New York-based commercial real estate investment firm, and frequent collaborator Brentwood Investment Group, based in New Jersey. The citys record of the transaction, however, puts the price Bluestone paid for a stake in the Scores building at close to $3 million. The Bluestone Group Location 1130 Route 202 South Bldg D7, Raritan, New Jersey, 08869, United States Description Read More Industry This is going to be a pretty big change to this community, and for the residents, an opportunity, Zolty said. The Naturalist Group is a full service design/build landscape firm. The foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. One part includes a two-story, 119,166-square-foot office building. Zolty said they will be moving quickly on the upgrades, which he said theyll be communicating to residents in more detail later this week. It was a fast-moving job," she said. Eli is CEO of the Bluestone Group; Toby is a program supervisor at Yad Rachel, an organization that serves women suffering from postpartum depression, and she's a founder of Weecare Preemies, a support group for parents of premature infants. Gans wants $100 million in damages from Bluestone, alleging that its maneuvers have muddied the financial waters and prevented Gans from reconciling his debts. The building is next door to 1005 E. Main St., a former bank building-turned-nightclub space that sold in a foreclosure auction Friday for $570,000. 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