REBusinessOnline

Sinatra & Co., Windsor Capital Acquire Multifamily Community in Syracuse for $58.5M

SYRACUSE, N.Y. — Sinatra & Co Real Estate and Windsor Capital Group have acquired the Nob Hill Apartments, a 761-unit multifamily community in Syracuse. The joint venture purchased the property, which is located at 101 Lafayette Road, for $58.5 million. The seller was undisclosed. A team from Pyramid Brokerage and Cushman & Wakefield brokered the transaction. Situated on 27 acres, Nob Hill Apartments consists of four mid-rise apartment buildings, a clubhouse and an indoor parking …

Eastern Union Arranges $110M Refinancing for Mixed-Use Development in Brooklyn

NEW YORK CITY — Eastern Union has arranged a $110 million refinancing for a three-phase, mixed-use development in the Bushwick neighborhood of Brooklyn. The development consists of 869-871 Bushwick Ave., a three-building complex that was completed in 2015; 889 Bushwick Ave., a 56-unit apartment building; and 340 Evergreen Ave., a 168-unit apartment building with 112 parking spaces. Eastern Union represented the undisclosed borrower in securing funds through Benefit Street Partners Realty …

Meridian Capital Secures $19.2M Refinancing for Industrial, Mixed-Use Portfolio in Long Island

LONG ISLAND, N.Y. — Meridian Capital Group has secured a $19.2 million refinancing for a portfolio comprised of industrial, mixed-use, and retail properties in Long Island. Bryan Kallenberg of Meridian arranged the seven-year loan, provided by a balance sheet lender to the borrower, Sanders Equities. The loan terms included a fixed interest rate of four percent and a 30-year amortization schedule. Located in Long Island’s Nassau County, the portfolio consists of six industrial, one …

Wright Investments Acquires 92-Room Hotel North Woods in Lake Placid

LAKE PLACID, N.Y. — Wright Investments has acquired the Hotel North Woods, a six-story, 92-room hotel in Lake Placid. The sales price was undisclosed. The hotel is located at 2520 Main St., approximately two miles from Lake Placid Airport. It is located near area attractions such as the Olympic Center, Whiteface Mountain, U.S. Olympic Museum, High Falls Gorge, and X-Country Ski Center. Marcus & Millichap represented both Wright Investments and the seller, a private real estate investment …

Extell Receives $530M in Financing for 68-Story Residential Condo Development in Brooklyn

NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen …

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains

WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the $45 million sale of a 104-unit, three-building multifamily portfolio in White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; and The Reed, a three-story property located at 115 N. Broadway. Amenities at the recently built apartment communities include modern finishes, programmable thermostat control, hardwood floors and …

MLK Real Estate Capital Secures $15M Bridge Loan for Industrial Property in Syracuse

SYRACUSE, N.Y. — MLK Real Estate Capital has secured a $15 million bridge loan for the recapitalization of a 1 million-square-foot, 90-acre industrial property in Syracuse. Ryan Goldstein of MLK represented the borrower, a family office and local operator in securing funding through an undisclosed lender. The borrower intends to use the loan proceeds to recapitalize equity in the deal and fund additional capital improvements and tenant improvements. The improvements will enable the borrowers …

HFF Negotiates Sale of 216-Room Hampton Inn Hotel at JFK Airport

NEW YORK CITY — HFF has negotiated the sale of the Hampton Inn NY-JFK, a 216-room hotel near John F. Kennedy Airport in New York. Completed in 2001, the 13-story hotel underwent renovations in 2015 and features 1,250 square feet of meeting space as well as a fitness center. HFF represented the undisclosed seller in the transaction and arranged a three-year, floating-rate acquisition loan for the buyer, which was also

Deutsche, BLG Capital Acquire Fifth Avenue Office Building in New York

NEW YORK CITY — A joint venture between Deutsche Finance America and BLG Capital have acquired the upper floors of 685 Fifth Ave., an office tower known as the “Gucci Building” in Midtown Manhattan. Other purchasing partners include developer Michael Shvo, The Wings Group and Latner Partners. The sellers are GGP and Thor Equities. The purchase price was $135 million, according to the New York Post. The buyers raised $155 million of equity for the acquisition and will seek …

Avison Young Arranges $31.5M Refinancing for Apartment Community in White Plains

WHITE PLAINS, N.Y. — Avison Young  has arranged a $31.5 million refinancing for The Metro, a 124-unit apartment community in White Plains. The 12-story property is located in downtown White Plains at 34 S. Lexington Ave. David Krasnoff and Ryan Flannery of Avison Young arranged the financing package on behalf of the owner, Ginsburg Development Cos., a private real estate developer. The lender was undisclosed. Ginsburg recently acquired two buildings on the same block as The Metro and is …

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