Gamma Real Estate Provides Bridge Loan to Facilitate Acquisition of Historic St. Louis Office Building
$19.3 Million Short-Term Loan Enables Transfer of Railway Exchange Building for Mixed-Use Redevelopment
ST. LOUIS, MISSOURI, March 21, 2017 (Newswire.com) - Gamma Real Estate, based in New York City, has provided a $19.3-million bridge loan to Hudson Holdings, based in Delray Beach, Florida, on the 21-story Railway Exchange Building in St. Louis.
Built in 1913, the lavishly ornamented, 1.2-million-square-foot Railway Exchange Building is on the National Register of Historic Places. A Macy’s department store formerly occupied its first three floors. Plans call for redevelopment of the interior to accommodate as many as 600 apartments, plus office and retail space. An existing garage can fit 1,000 vehicles.
With its footprint of roughly 62,000 square feet, The Railway Exchange Building occupies an entire downtown block at Locust and Olive Streets, within sight of the famous Gateway Arch. The building’s location is a quarter-mile from Interstate-44, and a few blocks from Busch Stadium, home of the St. Louis Cardinals.
“We are delighted to play a role in restoring this strategically located, historic gem to productive use,” says Jonathan Kalikow, president of Gamma Real Estate. “The building has been a central feature of downtown St. Louis for more than a century, and we believe that its best days are still to come.”
Gamma Real Estate is a boutique commercial real estate firm based in New York City. Owned and operated by the Kalikow family, the firm boasts a 45-year history of success as both lenders and owners of commercial real estate. For more information, please visit www.Gammarealestate.com.
From: Jonathan Kalikow
Gamma Real Estate
101 Park Avenue, Suite 2602
New York, NY 10178
Contact: David M. Grant
Grant PR, Inc. David@GrantPR.com, 646-699-7832
Source: Gamma Real Estate