Spectrum Group Management Announces the Closing of a Mortgage Loan Secured by Property and Associated Air Rights in Manhattan

NEW YORK, May 8, 2013 /PRNewswire/ -- Spectrum Group Management LLC ("Spectrum") is pleased to announce that an affiliate has recently closed a $24mm first mortgage loan, the proceeds of which were used to fund the acquisition of 215-221 West 28th Street in Manhattan.

Peter Locke, a Principal at Spectrum stated, "Spectrum's ability to close the loan in an accelerated time frame, enabling the borrower to effectuate a time of the essence closing, was a key factor in sourcing and closing this transaction." 

The loan is secured by a first mortgage on approximately 7,500 square feet of land and associated air rights that will allow for the development of approximately 150 multifamily units.  The borrower, a major New York City developer, plans to begin construction on the site later this year.

About Spectrum

Founded in 1999 and located in New York City, Spectrum is an alternative asset management firm that invests in the distressed, special situations and asset-based credit markets, primarily in small to midcap companies and assets.  In the real estate space, Spectrum typically seeks to commit $5mm to $50mm per investment to purchase non-performing, sub-performing and distressed whole loans and portfolios as well as to invest in newly originated bridge loans. 

For more information about Spectrum, please visit www.spectrumgp.com.

SOURCE Spectrum Group Management LLC