Steve Kassin’s Infinity Real Estate Provides a Senior Loan for the Acquisition of 169 First Avenue in Manhattan, NY
NEW YORK, November 15, 2023–(BUSINESS WIRE)–Infinity Real Estate originated a $2,500,000 floating-rate senior loan as part of a larger purchase and recapitalization of both 169 1st Avenue and 171 1st Avenue in Manhattan. Originally, in 2019, a partnership between BridgeInvest and Infinity originated a $12,000,000 financing package secured by the adjacent mixed-use properties. 171 1st Avenue features the renowned Momofuku restaurant, along with four full-floor loft-style apartment units. 169 1st Avenue features ground-floor retail and a duplex apartment with a large private garden space. Both properties were recently sold, providing the opportunity for BridgeInvest and Infinity to redeploy their capital, and for Infinity to independently issue a new senior loan for the purchaser of 169 1st Avenue.
Infinity Real Estate has been originating and investing in commercial real estate debt and preferred equity since 2009, with a focus on quality borrowers, quality assets, and quality locations wherein Infinity has an existing portfolio footprint. “We will continue building our structured finance platform, which typically focuses on all debt tranches as well as preferred equity in the $3MM-$25MM range for the full spectrum of business plans and situations,” said Steve Kassin, Infinity Real Estate’s managing partner.
About Infinity Real Estate
Infinity Real Estate focuses on property-level debt and equity investments in select urban and suburban core locations with proximity to housing, amenities, jobs, and mass-transit hubs. The company was founded by Steve Kassin in 2005 and is headquartered in New York City with an office in Miami Beach. Infinity Real Estate’s $2.5 billion investment track record, encompassing ground-up development, value-add repositioning, adaptive-reuse redevelopment, and historic rehabilitation, spans 4 million square feet of residential, commercial, hospitality, and land assets. By strategically navigating market conditions, fostering long-term and trusted relationships, and exercising creativity, discipline, and diligence, Infinity Real Estate perpetuates its consistent track record of successful investment results.
For more information about Infinity Real Estate and its extensive portfolio of successful real estate ventures, please visit Infinity Collective’s website and follow us on Instagram and LinkedIn.
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Contacts
David Berg, [email protected]
