NEW YORK CITY — Madison Realty Capital has provided a $35 million first mortgage loan for the development of a mixed-use project at 90-75 Sutphin Boulevard in Jamaica, Queens. The site currently houses a vacant, six-story 92,000-square-foot commercial building. The borrower, a Queens-based developer, plans to expand the property into a 19-story, 206,197-square-foot development that will include a 181-room hotel, 28,103 square feet of office space and 3,729 square feet of retail space. The loan proceeds will be used to refinance the existing debt, fund an interest reserve and cover costs. Construction on the project is expected to take place over the next 24 months.
NEW YORK CITY — Cushman & Wakefield has negotiated the sale of the Williamsburg campus of Boricua College located at 186 N 6th St. in Brooklyn for $31.1 million. The buyer was developer David Dweck. The campus consists of two adjoining lots with three brick buildings — a main school building, a gymnasium and a four-story multifamily building. All three buildings are vacant. Boricua College maintains three campuses in Manhattan at 3755 Broadway, the Bronx at 890 Washington and in Brooklyn at 9 Graham Ave. Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball of Cushman & Wakefield represented the seller, Boricua College, in the transaction.
NEW YORK CITY — JLL Capital Markets has arranged a $120 million floating-rate loan to refinance 130 West 42nd street, a Class A office tower with ground-floor retail in the Bryant Park neighborhood of Manhattan. The borrower was Tribeca Associates. Aaron Appel, Jonathan Schwartz, Brett Rosenberg and Adam Schwartz led the JLL team in handling the debt assignment. The 29-story office building, which was built in 1918, totals 250,000 square feet and is located within one block of 15 subway lines. Tribeca Associates spent $27 million to upgrade and renovate the property in 2015.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of 238-240 East 3rd Street in Manhattan’s East Village neighborhood for $12 million. Michael F. DeCheser,Patrick Dugan, Mei Ling Wong, Andrew Berry and Bryan Hurley of Cushman & Wakefield represented the seller, Third Street Theater LLC, in the transaction. The buyer was Craftwood Partners. The property currently consists of a commercial building that houses offices, a meeting area and a large theatrical studio. The ground floor is approximately 4,500 square feet with 850 square feet on the mezzanine level and 800 square feet in the basement.
NEW YORK CITY — New York City based investment firm Angelo Gordon has raised $843 million for its second European realty fund, AG Europe Realty Fund II. The fund will seek to identify off-market investment opportunities in the United Kingdom and Western Europe. More specifically, the focus will be on distressed debt and underperforming office, retail, hotel, industrial and residential assets. Angelo Gordon’s first fund, AG Europe Realty Fund LP, closed in 2014 with approximately $570 million in commitments. Since 2009, the firm has invested in approximately $2 billion of assets across 42 transactions in Europe.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 77-79 Madison Street in Manhattan, a six-story, mixed-use building, for $12 million. Barbara Dansker and Zachary Ziskin of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. The building, which is located in the Two Bridges neighborhood, consists of 28 residential and four commercial units.
NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …
NEW YORK CITY — Winthrop Realty Liquidating Trust has sold its stake in 701 Seventh Avenue, also known as 20 Times Square, to Maefield Development for $1.53 billion. Maefield was Winthrop’s former investment partner in the building currently under construction in Manhattan’s bustling Times Square district. The 400,000-square-foot development will feature a 39-story tower with 120,000 square feet of retail, attraction and entertainment spaces. The project will also include a 452-room Marriott-Edition hotel tower and an 18,000-square-foot video screen, which will be the highest resolution screen in Times Square. Maefield will finish the development as sole owner. To finance the buyout, a group of lenders led by French bank Natixis provided around $2 billion in financing and refinancing for the property, according to The Real Deal. In 2012, a group of investors led by Maefield that included Winthrop acquired an existing 11-story office building at the location for $430 million. Mark Siffin, chairman of Maefield, first began assembling the site in 2010. The project’s long-term tenants already include the National Football League and Hershey’s. In addition to Winthrop, Maefield also bought out the investment stake of Steve Witkoff, Ian Schrager and Howard Lorber’s New Valley investment company. The terms of …
NEW YORK CITY — Meridian Capital Group has arranged $28 million in cash-out refinancing for seven commercial properties in Brooklyn. The seven-year loan, which was provided by New York Community Bank, features a rate of 3.85 percent and a 30-year amortization schedule. Bryan Geffen of Meridian represented the undisclosed borrower in the transaction. The properties are located at 1010-1032 Nostrand Ave., 330 Empire Blvd., 1500-1506 Fulton St., and 1917-1921, 2819 and 2828 Church Ave. The tenant roster includes Rite Aid, Subway, and H&R Block. All seven buildings are located throughout Brooklyn’s Crown Heights, Flatbush and East Flatbush neighborhoods.
NEW YORK CITY — Rockefeller Group has signed Latham & Watkins LLP to a 407,000-square-foot office lease at 1271 Avenue of the Americas. The law firm will occupy floors 25-34 in the 48-story building with an anticipated move-in during the second half of 2020. Built in 1959, the building was originally designed by Harrison & Abramovitz & Harris, the architects for all of Rockefeller Center. Scott Gamber and Craig Reicher of CBRE represented Latham & Watkins in the transaction. 1271 Avenue of the Americas is currently undergoing extensive renovations designed by the architectural firm Pei Cobb Freed & Partners. The project began in 2016 and is slated to be complete by the end of 2019. Major League Baseball and Mizuho Americas have also recently signed leases at the building.