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Transferred, $28M Loan on the Oheka Castle

Transferred, $28M Loan on the Oheka Castle

by admin
March 26, 2012
Business School, Investment, Real Estate
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A $28 million loan on the Oheka Castle has been transferred to servicer,  C-III Asset Management LLC, according to a Citybizlist report, due to imminent default.

The Oheka is a historic hotel, listed on the National Register of Historic places, and has welcomed a few prestigious guests, including, Charlie Chaplin, Bill Clinton, Demi Moore and Ashton Kutcher. The hotel, with its 32 luxury guestrooms and suites, hosts society weddings, celebrations and public events.

The castle has 127 rooms with a total of 109,000 square feet.  Oheka Castle is located at the highest point of Cold Spring Harbor in Long Island and sits on 443 acres of land.

When current owner, Gary Melius purchased the property in 1984 for $1.5 million, the property was dilapidated and falling apart. Today, 70 percent of the site has been restored. Future plans for Oheka include an addition for a restaurant and spa.

C-III Asset Management LLC is a  subsidiary of C-III Capital Partners and is the named special servicer for more than $152 billion of commercial real estate loans. C-III Capital Partners is experienced and provides innovative real estate equity and debt solutions that are tailored to clients and investors. C-III Capital Partner activities include primary and special loan servicing, loan origination, fund management and principal investment.

Earlier this year, C-III Capital Partners LLC (C-III) announced acquisition of NAI Global, the largest and premier network of independent commercial real estate firms worldwide. C-III, led by CEO Andrew Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc.

“As we begin a new year, we look forward to partnering with the NAI team to provide enhanced services to the commercial and institutional real estate markets they serve as well as continuing to take advantage of other opportunities to grow and expand our platform.” – Andrew Farkas

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