Crestline Investors, Inc. ("Crestline") is pleased to announce that funds managed by its Real Estate and Reinsurance teams have closed a first lien mortgage to Delshah Capital (“Delshah”) secured by a 23,000-square-foot retail condominium located in Midtown Manhattan. The mortgage proceeds will be used to refinance the existing loan and fund tenant improvements and leasing commissions.
“We are excited to finance this property in a prime location within the Times Square retail submarket of Manhattan, benefitting from the high foot traffic and visibility of this iconic New York City district,” said Wes Davidson, Director at Crestline. “Working with Delshah reaffirms our confidence in this transaction given their track record of successful NYC real estate development and active asset management.”
Michael Shah, founder and CEO of Delshah Capital, added “Crestline’s financing will be integral in enhancing rental occupancy at the property. We look forward to working with such an experienced and solution-driven team on this initiative. This financing aligns with Delshah Capital's ongoing methodical deleveraging plan, aimed at optimizing our capital structure and improving cash flow across our portfolio. By securing favorable terms through strategic refinancing, Delshah Capital seeks to strengthen our position in high-profile markets like Times Square, allowing us to focus on enhancing rental occupancy and operational efficiencies.”
Longline Management will act as Agent and Servicer post-closing.
About Crestline Investors
Crestline Investors, Inc. is an alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Toronto, and Tokyo. The firm has approximately $20 billion in assets under management (as of September 30, 2024), and is specialized in private credit strategies, offering a diverse range of investment solutions across its direct lending, opportunistic, and portfolio finance platforms. For more information, visit www.crestlineinvestors.com.
About Delshah Capital
Founded in 2006, Delshah Capital is a vertically integrated real estate private equity firm based in New York City, managing a portfolio of assets exceeding $1 billion. Delshah specializes in acquiring, developing, and managing multifamily, retail, and hospitality properties, as well as distressed commercial real estate loans. For more information, visit https://www.delshah.com.
About Longline Management
Based in Atlanta, Georgia, Longline Management is an investment firm focused on real estate, hard assets, credit strategies, and select operating companies. The firm takes an opportunistic approach across the capital structure, with a long-term, value-driven investment strategy. For more information, visit www.longlinemgmt.com.
This financial promotion is issued by Crestline Management, LP and Crestline Europe, LLP (together "Crestline"). Crestline Europe, LLP is authorized and regulated by the Financial Conduct Authority (FCA). The material is not intended to be a formal research report and nothing in this presentation should be interpreted to state or imply that past results are an indication of future performance. Any opinions expressed herein are our current opinions only. There can be no assurance or guarantee that Crestline's investment strategy will achieve its stated goal. All information provided in this presentation is for informational purposes only Crestline accepts no liability for loss arising from the use of this material. In the United Kingdom, this communication is being made only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FP Order”); (ii) high net worth companies and certain other entities falling within Article 49 of the FP Order; or (iii) any other persons to whom such communication may lawfully be made. It must not be acted, or relied, upon by any other persons.
