New York

Savanna Sells 100 Wall Street to Cornerstone Real Estate Advisers

by Amy Works July 22, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the disposition of 100 Wall Street to Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund. The 29-story, 520,000-square-foot office building is 97 percent occupied by tenants, including Lester Schwab Katz and Dwyer, Loeb Holding Corp., Crenshaw Associates and Pcubed. Savanna acquired the property in 2011 and completed $25 million in capital improvements during its ownership period, including a successful prebuild program and future resiliency improvements following Hurricane Sandy in 2012. Douglas Harmon, Adam Spies, Joshua King and Adam Doneger of Eastdil Secured represented Savanna, while Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja, Ian Group and Barbara Lau of Hunton & Williams served as legal counsel in the transaction. The sales price was not released.

July 22, 2015

New York Northeast Retail

Adidas Signs 5,218 SF Retail Lease in Manhattan

by Amy Works July 22, 2015

NEW YORK CITY — SL Green Realty Corp. has inked a 10-year lease with Adidas to occupy retail space at its 115 Spring St. property in Manhattan. The two-level, 5,218-square-foot space will be the new home of Adidas’s Originals boutique. SL Green acquired the retail property in 2014. Jeremy Ezra of RKF represented the tenant, while Ariel Schuster and Ross Berkowitz, also of RKF, represented the landlord in the transaction.

July 22, 2015

Loans Multifamily New York Northeast

Greystone Bassuk Closes $254M Construction-to-Perm Loan Facility for BLDG

by Amy Works July 21, 2015

NEW YORK CITY — Greystone Bassuk has closed a $254 million construction-to-perm financing facility with Bank of China’s New York Branch on behalf of an affiliate of BLDG Management Co. The facility was structured as a letter of credit providing credit enhancement to support tax-exempt and taxable variable-rate bonds issued under the New York State Housing Financing (HFA) 80/20 Housing Program. The financing consists of $26 million of 2015 Series A tax-exempt bonds; $23.3 million of 2016 Series A tax-exempt bonds; $125 million of 2016 Series B taxable bonds; and $76.9 million of 2017 Series A taxable bonds providing fund for the construction of 222 E. 44th Street in New York. The project will consist of a 43-story multifamily apartment tower with 441,000 gross square feet and 429 residential units, of which 87 units will be affordable housing. On-site amenities will include concierge and valet services, a penthouse roof deck and lounge, sundeck and barbeque area, indoor swimming pool, resident lounge, golf simulator, children’s playroom, fitness center with indoor basketball court, and bike and tenant storage. Drew Fletcher, Matthew Klauer and Evelyn Savino of Greystone Bassuk secured the financing for the borrower.

July 21, 2015

Loans New York Northeast Retail

Madison Realty Capital Provides $9M Loan for Acquisition, Construction of Retail Property

by Amy Works July 21, 2015

NEW YORK CITY — Madison Realty Capital has provided a $9 million loan for the acquisition and construction of a development site at 232 Smith St. in Brooklyn’s Boerum Hill neighborhood. The borrower, a local developer, plans to build a 15,000-square-foot, three-level retail building on the site. Construction on the pre-leased building is slated to start this fall with completion scheduled for summer 2016. A single retail tenant will occupy the entire property.

July 21, 2015

New York Northeast Retail

Picone Construction Begins Renovation of Early Childhood Center in Buffalo

by Amy Works July 21, 2015

BUFFALO, N.Y. — Picone Construction has started renovation work on the Stanley M. Makowski Early Childhood Center, located at 1095 Jefferson Ave. in Buffalo. The renovation project includes select demolition, concrete and asphalt paving, doors, frames and hardware, acoustical ceiling panels, tile flooring, athletic flooring and tile carpeting. Additional renovations include painting, electrical, plumbing, gymnasium equipment, climbing wall system, playground equipment, and an artificial turf playground surfacing system. Construction is slated for completion by the end of September. Kideney Architects is providing architectural services for the project.

July 21, 2015

Loans Multifamily New York Northeast Seniors Housing

Red Capital Partners Provides $36.5M Acquisition Loan for Skilled Nursing Facility

by Amy Works July 20, 2015

SYRACUSE, N.Y. — Red Capital Partners has provided a $36.5 million balance sheet acquisition loan to Investment360 for the purchase of James Square Health and Rehabilitation Centre in Syracuse. Excelerate Healthcare will operate the 440-bed skilled nursing facility as part of a long-term lease agreement with Investment360. Kathryn Burton Gray and James Scribner of Red Capital Partners arranged the financing for the borrower.

July 20, 2015

Multifamily New York Northeast

TerraCRG Brokers $2.7M Sale of Brooklyn Development Site

by Amy Works July 20, 2015

NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 29-31 Lexington Ave. in Brooklyn’s Clinton Hill neighborhood. Tomer Erlich, a local developer, purchased the site for $2.7 million, or $315 per buildable square foot. Plans call for a four-story, 10-unit building on the site with 11,308 gross square feet. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG represented the buyer and undisclosed seller in the transaction.

July 20, 2015

Loans Multifamily New York Northeast

Capital One Closes $180M Loan for Office-to-Multifamily Conversion in Manhattan

by Amy Works July 17, 2015

NEW YORK CITY — Capital One has completed the syndication of a $180 million senior loan for an office-to-multifamily conversion in Lower Manhattan. The borrowers, VANBARTON GROUP and Metro Loft Management, plan to convert the 508,000-square-foot tower at 180 Water St. into multifamily apartments. The redeveloped property will feature 360,000 square feet of residential space and 10,000 square feet of street-level retail space. Additionally, the redevelopment plans include increasing the property’s height to 29 stories. Redevelopment is slated to begin in July, with all residential units scheduled for delivery by the beginning of 2017. Capital One provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank, a joint lead arranger.

July 17, 2015

Hospitality New York Northeast

McSam Hotel Group to Break Ground for Marriott TownePlace Suite in Times Square

by Amy Works July 17, 2015

NEW YORK CITY — McSam Hotel Group plans to break ground this August on TownePlace Suites by Marriott at 324 W. 44th St. in New York City’s Times Square. Designed by Gene Kaufman Architect, the 44,500-square-foot hotel will feature 114 rooms in two seven-story wings connected by a landscaped courtyard. Hotel amenities will include a fitness center and meeting space. VLDG Inc. is designing the interiors of the hotel.

July 17, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $35M in Refinancing for Windsor Tower of Tudor City Place

by Amy Works July 16, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $35 million loan for the refinancing of the Windsor Tower of Tudor City Place, a residential property located at 5 Tudor City in Manhattan’s Midtown East neighborhood. The 30-year loan, provided by a life insurance company, features a 3.9 percent fixed rate and a 40-year amortization schedule. The residential tower features 795 units. Steven Geller and Nicoletta Pagnotta of Meridian Capital negotiated the financing for the borrower, Windsor Owners Cooperative.

July 16, 2015

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