NEW YORK CITY — Lument has provided a $117.4 million Freddie Mac loan for the refinancing of Hope Gardens, a 949-unit affordable housing community in Brooklyn’s Bushwick neighborhood. Built between 1980 and 1987, the garden-style property comprises 60 buildings totaling 1,321 units that are all subsidized by Section 8 contracts and includes a daycare and two senior centers. The loan, which carries a fixed interest rate, 30-year term and 40-year amortization schedule, retires the construction debt attached to 47 of the buildings that house 949 units. Josh Reiss of Lument originated the loan for the sponsor, a joint venture between Pennrose Holdings, Acacia Real Estate Development and an affiliate of The New York City Housing Authority (NYCHA).
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 55,150-square-foot office building located at 62 W. 45th St. in Midtown Manhattan. Built in 1911, the 12-story building features a dozen office suites and one retail space. Aaron Jungreis and Ben Khakshoor of Rosewood represented the seller, Renaissance Properties, in the transaction. LSI Advisors represented the buyer, IT consulting firm Stellar Services, which plans to occupy the entirety of the building.
NEW YORK CITY — Stav Equities, a New York City-based brokerage firm, has negotiated the $5.4 million sale of a multifamily building that comprises 12 market-rate units and one vacant retail space in Brooklyn’s Crown Heights neighborhood. The buyer, Neue Urban, plans to implement a value-add program. The seller was not disclosed. Adam Traub of Curb Capital and Jacob Stavsky of Stav Equities brokered the deal.
NEW YORK CITY — British apparel designer Paul Smith has signed a 12,617-square-foot lease for its new office and showroom at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Will Grover and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.
BOSTON AND NEW YORK CITY — American Tower Corp. (NYSE: AMT), a multitenant communications REIT, has agreed to sell a 29 percent stake in its data center platform to Stonepeak, an alternative asset management firm based in New York City. The deal, which comprises common and preferred equity from Stonepeak’s affiliated investment vehicles and debt commitments, is valued at $2.5 billion. The AMT data center portfolio consists of 27 data centers in 10 U.S. markets. AMT purchased Denver-based CoreSite Realty Corp. in a $10.1 billion deal that was announced last November. AMT will retain managerial and operational control, as well as day-to-day oversight of its U.S. data center business, and Stonepeak will obtain certain governance rights. The transaction is expected to close in third-quarter 2022, subject to customary closing conditions. “We are pleased to partner with Stonepeak in our U.S. data center business,” says Tom Bartlett, president and CEO of American Tower. “While this transaction supports the equity financing component for our previously completed CoreSite acquisition, it also creates a platform through which growth opportunities can be strategically evaluated and financed.” Andrew Thomas, managing director and co-head of communications at Stonepeak, says that AMT’s data center platform aligns with Stonepeak’s …
NEWBURGH, N.Y. — Cushman & Wakefield has brokered the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller, Farrell Communities, and procured the buyer, Castle Lanterra Properties, in the transaction. The sales price was not disclosed.
NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $10.2 million sale of a 68,000-square-foot warehouse in Brooklyn’s Red Hook district. The property comprises 36,400 square feet of above-grade space and 32,400 square feet of below-grade space. Ofer Cohen, Dan Marks, Daniel Lebor and Jackson O’Neill of TerraCRG represented the seller, an entity doing business as M-Kids LP, in the transaction. The buyer was J&R Acquisition LLC.
COLONIE, N.Y. — Locally based developer Crisafulli Associates has broken ground on The Montage, a 114-unit multifamily project located in the upstate New York community of Colonie. The Montage will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and older. Residences will feature stainless steel appliances, quartz countertops, individual washers and dryers and covered porches or balconies. Amenities will include a pool, fitness center, outdoor grilling stations, a billiards lounge, private dining room, walking trails and a dog park. Albany-based Capital Bank provided $22 million in construction financing for the project, which is slated for a fall 2023 completion.
NEW YORK CITY — Locally based developer Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, has topped out Garden Towers, a 149-unit affordable seniors housing project in The Bronx. Units will be reserved for renters age 62 and above. Australian development and investment firm Lendlease is providing construction management services for the project, with Newman Design serving as the architect. Amenities will include three multi-purpose rooms, a social services suite, computer room, indoor bicycle storage and onsite laundry services and resident parking. Completion is scheduled for 2023.
NEW YORK CITY — CBRE Investment Management has acquired a 400,000-square-foot warehouse located at 640 Columbia St. in Brooklyn’s Red Hook neighborhood. Developed on a speculative basis by DH Property Holdings, the multi-level facility sits on four acres and was leased to an undisclosed global user at the time of sale. DH Property Holdings sold the property in partnership with Goldman Sachs Asset Management. The sales price was not disclosed.