July 27, 2010
75 WALL STREET RECEIVES EXTENSION FOR $263 MILLION CONSTRUCTION LOAN
NEW YORK CITY — A joint venture between The Hakimian Organization, Peykar Brothers Realty and Gorjian Properties has closed on an extension for its construction loan for the 75 Wall Street mixed-use project in New York City. The extension for the $263 million loan is for a 2-year period with an additional 1-year extension option. The hotel portion of the tower, which is operated as Hyatt's new Andaz brand, opened in January. It contains 253 guestrooms and suites as well as the restaurant Wall & Water and Bar Seven Five. The top 24 floors of the 42-story tower contains 346 luxury residential condominiums. Amenities include a residents-only area on the 18th floor containing a fitness center, a media room and a game room. The building's rooftop lounge contains a solarium, a lounge and a hot tub. The building's ground-floor retail space is leased by KitptonART as gallery space.
PEMBROOK CAPITAL RECAPITALIZES MANHATTAN CONDO PROJECT
NEW YORK CITY — Pembrook Capital Management has provided $47.1 million for the recapitalization of a residential condominium project located in Manhattan's Chelsea neighborhood. The loan carries a 2-year term and a fixed interest rate. Construction for the 54-unit project, which is located at 100 11th Ave., is complete and 26 of the units have been sold. Pembrook's Jonathan Schurgin originated the loan. Assistance was provided by Meridian Capital.
MARCUS & MILLICHAP BROKERS $3.19 MILLION TRACTOR SUPPLY SALE IN PA.
LEHIGHTON, PA. — Marcus & Millichap has brokered the sale of a Tractor Supply Co. retail location in Lehighton for $3.19 million. The freestanding, 19,097-square-foot building is situated on 5.3 acres along Blakeslee Boulevard. The tenant signed a 15-year, double-net lease in May 2009 that has 10 percent rent increases every 5 years. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, a North Carolina-based limited liability company. Jamie Harrison of Touchstone Commercial Partners represented the buyer, SS Realty.