NEW YORK CITY — RED Mortgage Capital has added a new multifamily affordable lending office in New York. Sean Cullen and Ronnie Gyani will lead the operations of the office. Previously, Cullen and Gyani worked together providing affordable housing services at RBC Capital Markets as well as ACRE Capital. Most recently they served at Barings Multifamily Capital originating affordable housing loan products, including Fannie Mae, Freddie Mac, FHA/HUD and balance sheet executions.
NEW YORK CITY — Greystone Bassuk has arranged a $59 million loan to refinance The Nicole, a 19-story, 149-unit multifamily building in the Midtown West neighborhood of Manhattan. Located at 400 W. 55th St., the property was completed in 2003 and is comprised of 149 residential units as well as 34,000 square feet of commercial space. Drew Fletcher, Matthew Klauer and Steven Deck of Greystone Bassuk secured a 15-year, fixed-rate loan on behalf of the borrower, Gotham Organization Inc., through lender Wells Fargo Multifamily Capital.
PLAINVIEW, N.Y. — Capital Senior Housing has acquired the Plainview Residence Inn by Marriott in Plainview, with plans to convert the property into seniors housing. Metropolis Property Group LLC represented the seller, Greenbriar Associates LLC, in the $20.3 million sale. Metropolis collaborated with Avison Young’s hospitality group to negotiate the sale. The 150,000-square-foot property houses 170 rooms. Capital plans to spend another $12 million to convert the hotel into a 111-unit seniors housing community.
NEW YORK CITY — Marcus & Millichap has brokered the $3.4 million sale of a two-building apartment portfolio in the Flushing neighborhood of Queens. The two six-unit properties are located at 1868 Putnam Ave. and 1862 Cornelia St. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK CITY — Alchemy Ventures LLC has acquired a nine-building apartment portfolio in the Bedford-Stuyvesant section of Brooklyn for $25 million. The buildings contain a total of 81 units. New York City-based law firm Schwartz Sladkus Reich Greenberg Atlas LLP represented Alchemy Ventures in the transaction. The seller was IWC General Partners. Pacific Western Bank provided the acquisition financing.
PORT CHESTER, N.Y. — M&J Wilkow and MetLife Investment Management have acquired Port Chester Shopping Center, a 493,459-square-foot shopping center in Port Chester. The sales price was undisclosed. Whole Foods and Kohl’s anchor the open-air retail center. The rest of the tenant roster includes HomeGoods, Ulta and Old Navy. The seller was not disclosed.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $14.5 million loan to refinance a mixed-use property in Brooklyn. Located at 1357 Flatbush Ave., the seven-story, 37,133-square-foot, mixed-use building includes 36 apartment units as well as 7,000 square feet of retail space. Madison Realty Capital provided the financing to Hello Living, a developer and repeat MRC borrower. Terms of the financing were not disclosed.
NEW YORK CITY — The New York City condo market will likely take the biggest hit after Amazon announced Thursday that it would not move forward with plans to build a second headquarters in the city, according to one REIT analyst. The online retail giant cited a lack of support from state and local elected officials as its reason for pulling out of a massive headquarters plan in the Long Island City neighborhood of Queens. “While polls show that 70 percent of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City,” wrote Amazon in a blog post. Amazon does not intend to reopen the HQ2 search at this time. The company will proceed with its plans for a headquarters in Northern Virginia and operations hub in Nashville. James Sullivan, managing director of equity research for BTIG, says that there are a lot of residential units in the development pipeline in the Long Island City market. “The …
NEW YORK CITY — AIG has provided a $280 million loan to refinance Empire Stores, a newly redeveloped retail and office building in the DUMBO neighborhood of Brooklyn. The six-story property, which is located at 55 Water St., is comprised of 377,929 square feet of office space and 65,082 square feet of ground-floor retail. Aaron Appel, David Sitt, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Jackson Sastri and Eliott Zeitoune of JLL Capital Markets secured the 15-year loan on behalf of the borrowers, Midtown Equities and HK Organization. Terms of the financing were undisclosed.
NEW YORK CITY — Real estate developer Lightstone has secured a $187 million loan to refinance ARC, a 428-unit luxury rental property in the Dutch Kills section of Long Island City. Located at 30-02 39th Ave., the building offers more than 50,000 square feet of indoor and outdoor amenities and completed its initial leasing in August 2018. Amenities at the property include a fitness club, yoga studio, outdoor exercise space, basketball court and golf simulator as well as a half-acre private courtyard park, resident lounge, library, club room, game room and gourmet catering kitchen. Citibank provided the financing to Lightstone. Terms of the financing were undisclosed.