New York

Voya Provides $17.4M Acquisition Loan for Multifamily Building in Brooklyn

by Alex Patton January 28, 2020

NEW YORK CITY — Voya Investment Management LLC has provided a $17.4 million loan for the acquisition and renovation of 79 Clifton Place, a 40-unit multifamily building in the Clinton Hill neighborhood of Brooklyn. The 52,375-square-foot building was converted to a multifamily use in 2000 after previously housing a knitting factory and now features one-, two-, three- and four-bedroom units. The borrower, The FREO Group, plans to implement a $1.75 million capital improvements plan to boost occupancy. Max Herzog, Marko Kazanjian and Matt Fagella of JLL secured the loan.

January 28, 2020

Industrial Loans New York Northeast

JLL Secures $87M Loan for Construction of Terminal Logistics Center in Queens

by Alex Patton January 27, 2020

NEW YORK CITY — JLL has secured an $87 million construction loan for the ground-up development of Terminal Logistics Center, a 300,000-square-foot industrial project in Queens. CIT Group Inc. provided the loan to the borrower, a partnership of Triangle Equities Development Co., Township Capital Inc. and L&B Realty Advisors LLP, which will develop the Class A warehouse and storage facility adjacent to John F. Kennedy International Airport. Total cost for the project is approximately $129 million. Geoff Goldstein and Rob Hinckley led a JLL team that secured the loan.

January 27, 2020

Leasing Activity New York Northeast Restaurant Retail

Taco Bell Cantina to Open at The Paramount Building in Times Square

by Taylor Williams January 24, 2020

NEW YORK CITY — Taco Bell Cantina, a concept from the fast-food chain that incorporates alcoholic beverage service, will open a new restaurant at The Paramount Building, an 800,000-square-foot tower located in Manhattan’s Times Square. David Firestein and Jenna Heidenberg of SCG Retail represented Taco Bell in the lease negotiations. Ross Berkowitz, Jason Wecker and Andrew Taub of Newmark Knight Frank represented the landlord, Rosemark Management and Levin Management Corp. in conjunction with in-house representatives of those firms. The opening is slated for this summer.

January 24, 2020

Loans Multifamily New York Northeast

Black Bear Capital Arranges $50.4M in Permanent Financing for Multifamily Portfolio in The Bronx

by Taylor Williams January 23, 2020

NEW YORK CITY — Black Bear Capital Partners has arranged $50.4 million in permanent financing for a portfolio of multifamily properties in The Bronx. Morgan Stanley provided the loan, which carries a fixed interest rate of 3.78 percent and 10 years of interest-only payments, to Finkelstein Timberger East Real Estate. The portfolio spans five properties and includes 357 multifamily units and nine commercial spaces. Bryan Manz, Rob Serra and Emil DePasquale of Black Bear arranged the transaction.

January 23, 2020

Loans Multifamily New York Northeast

Berkadia Arranges $32M in Financing for Manhattan Residential Project

by Taylor Williams January 22, 2020

NEW YORK CITY — Berkadia has arranged a $32 million senior loan with a mezzanine loan component for a 60-unit residential project at 433 W. 53rd St. in Midtown Manhattan. Proceeds will be used to stabilize the community, construction of which was recently completed. Keysite Capital Partners provided the loan to the borrower, Emmut Properties. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia handled the transaction.

January 22, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $71.3M HUD Loan for Refinancing of Seniors Housing Community on Long Island

by Alex Patton January 21, 2020

AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan for the refinancing of Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville. The loan enables the borrower to exit initial bridge financing used to acquire the property in November 2017 and to continue with renovations. The financing carries a fixed interest rate, 30-year term and a 30-year amortization schedule. Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites with private showers, the addition of a new commercial kitchen, the creation of a large rehabilitation and wellness center and comprehensive renovations to the entrance lobby, nurse stations and geriatric units. Fred Levine of Greystone originated the transaction.

January 21, 2020

Loans Multifamily New York Northeast Top Stories

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

by John Nelson January 21, 2020

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 percent; a $33.3 million loan fixed at 3.92 percent; and a $32.3 million loan fixed at 3.65 percent. The low-leverage loan package replaces Morgan Group’s existing debt, which was close to maturation. Bryan Manz, Rob Serra and Emil DePasquale of BBCP arranged the financing for Morgan Group, which owns a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn and Westchester County. “BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner,” says Manz. “We look forward to arranging additional transactions with both parties.” Morgan Stanley is a global financial services firm that operates in more than 41 countries. The company provides investment banking, securities, wealth management and investment management services. Morgan Stanley’s stock price closed …

January 21, 2020

Acquisitions New York Northeast Office

JLL Brokers $65M Sale of The Bruckner Office Building in The Bronx

by Alex Patton January 20, 2020

NEW YORK CITY — JLL has brokered the $65 million sale of The Bruckner Building, an 188,000-square-foot office property in the Mott Haven neighborhood of The Bronx. Located at 2417 Third Ave., the building was originally constructed in 1928. Ownership renovated and modernized building in 2016, including upgrades to the lobby, windows, entrance, elevator and electric infrastructure. Bob Knakal, Stephen Palmese and Jonathan Hageman led a JLL team that represented the seller, a partnership between Savanna and Hornig Capital Partners, in the transaction. ZG Capital Partners acquired the building.

January 20, 2020

Industrial Leasing Activity New York Northeast

City Harvest Signs 150,000 SF Industrial Lease for Food Rescue Facility in Brooklyn

by Alex Patton January 20, 2020

NEW YORK CITY — Nonprofit food rescue organization City Harvest has signed a 150,000-square-foot industrial lease at 150 52nd St. in Brooklyn that will house its new food rescue facility and administrative offices. The company is moving from its original facility in Long Island City after its old site was rezoned from industrial to residential. Rob Kossar, Paul Mas, Adam Citron and Ellen Herman of JLL represented City Harvest in the lease negotiations. Leslie Lanne of JLL represented the landlord, DH Property Holdings. which sold the building to Prologis following the execution of the lease.

January 20, 2020

Loans New York Northeast Office

NKF Arranges $145M Acquisition Loan for Former Citibank Office Building in Manhattan

by Alex Patton January 17, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan Roeschlaub led an NKF team that secured the loan, and Jimmy Kuhn of NKF represented the seller, Zurich Insurance.

January 17, 2020

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