NEW YORK CITY — Zar Group has received $210 million in financing to refinance an office property located at 1450 Broadway in Times Square. Tal Bar-Or and Richard Sutton of Meridian Capital Group secured the five-year balance sheet loan, which features full-term interest-only payments. The 42-story property features 415,000 square feet of office and retail space.
NEW YORK CITY — Natixis has provided an $86.2 million floating-rate construction loan to YYY 62nd Street LLC, a joint venture between Joy Construction and Madd Equities. The borrowers will use the loan to pay off existing debt and provide capital to complete a 110,727-square-foot, Class A office building at 330 E. 62nd St. in Manhattan’s Upper East Side. The seven-story, build-to-suit office property is 100 percent pre-leased to Memorial Sloan Kettering Cancer Center for an initial term of 30 years. Memorial Sloan Kettering plans to use the building for administrative offices. Kathy Anderson and Brad Domenico of Progress Capital arranged the financing.
PROVIDENCE, R.I. — EagleBridge Capital has arranged $12.6 million in financing for 95 Lofts, a 59-unit apartment building located at 95 Chestnut St. in downtown Providence. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, provided by a Massachusetts financial institution, for the undisclosed borrower. The property is a six-story, 58,500-square-foot residential building featuring 33 one-bedroom units, 17 two-bedroom units and nine studio units, as well as 2,500 square feet of ground-floor commercial space.
EDINA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has received $34.2 million in financing for the construction of a 165-unit apartment building in Edina. The age-restricted property for persons 55 or older will feature a mix of one- and two-bedroom units with an average unit size of 900 square feet. Construction will also include a 212-space parking garage. The site was formerly home to buildings and parking space used by Edina Public Schools. Completion is slated for spring 2019. Associated Bank provided $19.2 million of the loan with $15 million syndicated to Great Southern Bank. Ted Notz of Associated Bank managed the loan and closing.
CHICAGO — Continental Partners has arranged a $7 million bridge loan for the buyer of a 115,000-square-foot Motor Row industrial building in Chicago’s South Loop. The building’s new owner, a private investor, plans to convert the asset into a Class A mixed-use property with retail, entertainment and office space. The former auto showroom, located at 2222 S. Michigan Ave., is currently vacant. The lender was not disclosed.
MORRISTOWN, N.J. — HFF has secured $24.8 million in financing for the development of 30 Court, a condominium community located in downtown Morristown. The borrower is DRA 30 Court LLC, a joint venture between Diversified Realty Advisors and a private investor. Michael Klein and Jon Mikula of HFF arranged the 30-month construction loan with Investors Bank for the borrower. Slated for completion in 2019, the property will features for-sale two-bedroom homes ranging from 1,276 square feet to 1,939 square feet. Units will feature kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-house washers and dryers. Additionally, the property will feature a two-story, 131-space parking garage and a half-acre outdoor recreational space.
CHICAGO — Developer Sterling Bay has received a $64 million bridge loan to refinance construction financing for the Ace Hotel Chicago. Opened in 2017, the 159-room hotel is located at 311 N. Morgan St. in Chicago’s Fulton Market district. The boutique property features a lobby restaurant and bar, outdoor terrace, rooftop bar, private dining area, fitness center and nearly 4,000 square feet of retail space. Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar of HFF arranged the five-year loan through LoanCore Capital and Ohana Real Estate Investors.
COLUMBUS, OHIO — Dougherty Mortgage LLC has provided a $1.2 million Fannie Mae loan for the refinancing of Parkview Apartments in Columbus. The apartment property consists of 216 market-rate apartment units. Dougherty’s Minneapolis office originated the eight-year loan, which features a 30-year amortization schedule. Wolfe Diamond Loch LLC was the borrower.
RALEIGH, N.C. — HFF has arranged a $26 million loan for the refinancing of The Lincoln Apartments, a 224-unit multifamily community in downtown Raleigh. The property is located at 408 E. Hargett St., less than a half-mile from the North Carolina State Capitol. Matthew Schoenfeldt, Cory Fowler and Roger Edwards of HFF arranged the floating-rate loan through MetLife Investment Management on behalf of the borrower, Lincoln Apartments LLC, an affiliate of Banner Real Estate Group. Completed in 2015, The Lincoln Apartments features a resident club room with a kitchen, resort-style pool, outdoor fireplace, fitness center with yoga studio, pet spa, coffee bar, enclosed parking garage and an electric car charging station. Individual units average 759 square feet and feature wood-style flooring, granite countertops, stainless steel appliances, balconies, walk-in closets and full-size washers and dryers.
NEW YORK CITY — The Domain Cos. has received $38 million in financing for the acquisition of a development site located at 420 Carroll St. in Brooklyn. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the financing for the borrower. The HFF team arranged a $25 million floating-rate bank loan and a $13 million mezzanine loan, provided by Sherwood Equities. The borrower will use the loan proceeds to facilitate the acquisition of the fee-simple interest in the property and pre-development costs. Domain Cos. plans to develop a mixed-income, mixed-use development project on the 1.5-acre site.
