COHOES, N.Y. — KeyBank Real Estate Capital has provided a $21.5 million first mortgage loan for the refinancing of the first phase of The Residences at Lexington Hills in Cohoes. Built in 2016, the multifamily property features 138 units. Chris Black of KeyBank’s National Multifamily Accounts Group arranged the Freddie Mac loan with an eight-year term, three-year interest-only period and 30-year amortization schedule. The undisclosed borrower will use the loan to refinance existing debt.
WESTBURY, N.Y. — Lesso Group has acquired The Mall at the Source and an adjacent retail building, located at 1504 Old Country Road in Westbury, for $92 million. Totaling 723,326 square feet, the transaction is the largest Long Island transaction to date. Lesso plans to convert the properties into a showroom and retail center for its household goods. The transaction includes the 512,528-square-foot enclosed mall and a 210,798-square-foot retail building, formerly occupied by Fortunoff. Situated on 38 acres and zoned for industrial space, the properties also feature 3,838 parking spaces, 2,813 of which are within a garage. Peter Rossi and Dennis Karr of Newmark Knight Frank represented the buyer in the deal. The name of the seller was not released.
NEW YORK CITY — Monticello Asset Management LLC has provided $34.1 million in financing to Elener Associates LLC and W Management Group, which will use the funds to acquire a 256-bed skilled nursing facility in New York. The four-story building was constructed in 1961 and features 120 resident rooms. It totals 35,525 square feet on 0.82 acres. The name of the facility was not disclosed. The borrowers plan to make improvements to the physical building as well as the operations. Renovations, which will require closing an entire floor at a time, will include addition of a kitchenette, changes to the telecommunication systems and improvements to the fire sprinkler system.
NEW YORK — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 252-room Dumont NYC in New York for $118 million. The transaction marks Pebblebrook’s exit from the New York market. The upper upscale hotel is located at 150 E. 34th St. at Lexington Avenue in Manhattan. It was built in 1986. The buyer was LeFrak Organization, which plans to convert the hotel into apartments, according to The Real Deal. Dumont NYC was previously part of a six-hotel portfolio Pebblebrook held with joint venture partner Denihan Hospitality Group. Denihan Investments completed a redemption agreement with Pebblebrook that transferred ownership of the jointly owned hotels in October. Denihan became the sole owner of four of the assets. This included The Benjamin, Fifty NYC, Gardens NYC and Shelburne NYC for a total of 917 rooms. Pebblebrook assumed full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. Manhattan NYC was then sold to a joint venture between Sioni Group, Patriarch Equities and Highgate for $217.5 million. It was rebranded as the Stewart Hotel. Proceeds from the Dumont NYC sale will be used for general business purposes, which may include reducing Pebblebrook’s outstanding debt or repurchasing some of the company’s common shares. “With …
NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable for the next 30 years. Fairstead plans to implement a capital improvement program to modernize and enhance all of the properties, including common area improvements, in-unit repairs, energy system upgrades and other capital renovations. The price and name of the seller were not released.
BENTONVILLE, ARK., AND NEW YORK CITY — Walmart (NYSE: WMT) has agreed to acquire online apparel retailer Bonobos Inc. for approximately $310 million in cash. Walmart, the giant discount department store chain, expects to complete the transaction by September. The announcement comes on the heels of Walmart’s acquisition of online women’s apparel retailer ModCloth in March. Founded in 2007 by Andy Dunn and Brian Spaly, New York-based Bonobos designs and sells its own brands of clothing for men. These brands will be featured and sold on various Walmart-owned digital platforms, including Jet.com, which Bentonville-based Walmart acquired in August 2016 for approximately $3 billion. Bonobos also operates 35 physical retail locations, known as Guideshops, across the United States. Walmart currently has no plans to feature lines of Bonobos clothing in its brick-and-mortar locations, according to The New York Times. Under the terms of the agreement, Dunn, the current CEO of Bonobos, will oversee the company’s collection of clothing brands that are designed in-house and distributed online. Marc Lore, CEO of Walmart U.S. e-commerce and founder of Jet.com, says the acquisition reflects the company’s long-term e-commerce strategy. “We’re seeing momentum in the [e-commerce] business as we expand our value proposition with customers,” he …
NEW YORK CITY — Madison Realty Capital has provided a $23.3 million first mortgage acquisition loan collateralized by a mixed-use development site located at 182-188 Spring St. in SoHo. The undisclosed borrower acquired 182-186 Spring Street through a bankruptcy auction and simultaneously closed on the adjacent townhouse located at 188 Spring St., including its air rights. The total consideration for the acquisitions is $31.6 million. The new owner plans to build a 37,278-square-foot mixed-use development on the site with high-end residential units above ground-floor retail space.
NEW YORK CITY — Paramount Group has completed a $300 million refinancing for 712 Fifth Avenue, an office building located in the Plaza District of New York City. The new 10-year, interest-only loan matures in July 2027 and has a fixed rate of 3.39 percent. The net proceeds of the loan were used to repay the existing $246.5 million loan that bears interest at 4.41 percent and was scheduled to mature in March 2018. The building features 543,000 square feet of Class A office space. Eastdil Secured arranged the financing for the borrower.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a multifamily property located at 89-10 Whitney Ave. in the Elmhurst section of Queens. Antonio Feggoudakis acquired the property from Heller Realty for $23.4 million, or $243,000 per unit. The six-story, 89,300-square-foot building features 96 rent-stabilized apartment units. Aaron Jungreis of Rosewood Realty represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the transaction.
NEW YORK CITY — Institutional Property Advisors Capital Markets has arranged $45.1 million in financing for the acquisition of an 18-building, 207-unit multifamily portfolio in Brooklyn. The seller assembled the buildings, which are located throughout central and northern Brooklyn, in 2009 and 2010. The seven-year loan features a 3.77 percent fixed rate and a 30-year amortization schedule. Andrew Dansker and Lior Goldberg of IPA arranged the loan for the buyer, a real estate fund, and represented the seller, a private investor.
