Commercial Property Financing & Consulting Services
Robert Morel (City One co-founding partner) heads City One's Financing & Consulting Division and is responsible for all governmental financing and economic development programs. Having worked in New York's City Hall and the New York City Office of Economic Development, as well as other governmental agencies, Mr. Morel is uniquely qualified to provide his clients with a full range of economic development expertise. (see Incentive Assistance)
Mr. Morel has assisted over 300 companies in securing various different economic development benefits and has helped raise over $300,000,000 for his clients, in deal sizes ranging from $500,000 to $8,000,000.
Mr. Morel has been prominently featured in Real Estate Weekly, Crain's, New York Business, and other periodicals (see Press Releases).
City One Real Estate, LLC is a full service industrial and commercial brokerage firm that specializes in properties in Queens, Brooklyn, and the Bronx. City One provides "one-stop shopping" with a full range of economic development consulting services expediting the following:
- 90% owner occupied SBA 504 and 7A programs
- Conventional financing utilizing conventional banks, insurance companies, small regional banks, etc.
- IDA Straight Lease incentives (aka Industrial Incentive Program – IIP)
- ICAP and ICIP Property Tax Abatements and Exemptions
- Relocation Employment Assistance Program Tax Credits (REAP)
- Relocation Grants
- Energy Discounts (ECSP)
- Tax Exempt Bond Financing (IRB’s and IDA programs)
- Empire State EDZ Tax Incentives
- Linked Deposit Financing Discounts
Sample Case Studies of Projects Financed by City One’s Financing and Consulting Division
- Construction Financing
- 90% Real Estate Acquisition Financing
- Machinery Financing
- Refinancing of Existing Debt
- Securing Straight Lease Benefits
- Refinance and Cash Out
Construction Financing – City One assisted an owner/user in the fragrance industry secure a 90% SBA 504 financing package for the purpose of constructing a new office headquarters and warehouse. Project construction costs were approximately $2,000,000 and the company will also seek ICIP/ICAP Department of Finance tax abatements and energy cost savings program discounts.
Real Estate Acquisition – City One secured an ice cream manufacturer 90% financing, combining a conventional loan with an SBA loan program to help this company buy a building in Hackensack, New Jersey. The company is now producing fine ice cream and distributing it to its various retail and wholesale customers in the New York City metropolitan area.
Machinery Financing – City One structured a unique transaction to help a taco bakery acquire machinery financing with long term attractive rates. The owner/borrower their existing building to secure a mortgage with long term low interest rates and provide the collateral to acquire this state-of-the-art machinery for their manufacturing plant in the Jamaica section of Queens.
Refinancing – City One arranged, structured, and secured an 80% loan to value, long term real estate refinance for an owner/occupied property in Plainfield, NJ. This loan provided for significant cash out reimbursing the owner for renovations that occurred some 8 years earlier.
Acquisition – A pita manufacturing company utilized the services of City One to secure a 90% (504) loan to acquire a building for their use. The property was located in the Long Island City section of Queens and in conjunction with the 90% financing, City One structured a New York City IDA Straight Lease deal, that provides for a 25 year property tax abatement and property tax freeze.
Refinance – City One arranged a first mortgage and cash out to finance a shareholder buyout of a property located in the Bronx. This owner/occupied transaction was for $6,000,000.
Financing & IDA Straight Lease – City One structured and arranged two loans to secure a 90% loan to value financing, utilizing the SBA 504 program and a conventional bank. Simultaneously, the buyer took advantage of the New York City Industrial Development Agency’s Straight Lease program, providing the owner with a 25 year real estate tax freeze and property tax abatement for this real estate acquisition.