NEW YORK CITY — Housing & Healthcare Finance (HHC Finance) has closed and funded a $47 million loan for the acquisition of The Phoenix Center for Rehabilitation and Nursing, formerly Atlantis Rehab Center, in Brooklyn’s Fort Greene section. CareRite Centers purchased the 11-story, 400-bed skilled nursing facility, which overlooks Fort Greene Park and is adjacent to Brooklyn Hospital. The facility provides short-term rehab, respiratory care, IV therapy, wound care, long-term healthcare and hospice care services. The acquisition financing comprised a $41.6 million first mortgage and a $5.2 million mezzanine loan provided by HHC Finance. Additionally, the overall financing package included a $4 million accounts receivable line of credit.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 16-building multifamily portfolio in the northern section of Staten Island. A private investor purchased the 177-unit portfolio from a real estate investment firm for $17.89 million. Located at 150, 165 and 220 Trantor Place, the portfolio features 106 one-bedroom units and 71 two-bedroom units. Victor Sozio, Shimon Shkury, Michael Tortorici, Mark Spinelli and Josh Berkowitz of Ariel Property Advisors represented the seller and buyer in the transaction.
NEW YORK CITY — HAP Investments LLC has opened HAP 1, a residential building located at 419 East 117th St. in East Harlem. The six-story property features eight apartments, including a duplex penthouse and full-floor garden apartment. The original building was renovated and two floors and an elevator were added. All units offer Porcelanosa bath and kitchen features, as well as in-unit washer/dyers. The building features a rooftop terrace and a backyard garden, which is available for the lower level full-floor apartment.
NEW YORK CITY — Meridian Capital Group has arranged a $44.8 million loan and $15.5 million in joint-venture equity for the construction of a multifamily property in the Astoria neighborhood of Queens. The three-year, interest-only loan, which was provided by CIT Real Estate Finance, features a LIBOR-based, floating-rate and two one-year extension options. Glenmont Capital Management provided the $15.5 million joint-venture equity. Tal Bar-Or of Meridian Capital Group negotiated the transactions. The undisclosed sponsor plans to develop a 143,320-square-foot structure on the site, which is located at 31-53 31st St. and was acquired through an off-market transaction. The property will feature 114 apartments, parking, retail space, storage and a community facility. On-site amenities will include a 24-hour doorman, sound-proof construction, on-site parking, a laundry room, bicycle storage, a media room, a fitness and yoga room, grocery storage, tenant storage and rooftop decks for grilling and lounging.
NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story, walk-up apartment building located at 17-31 Linden St. in the Ridgewood section of Queens. A local investor purchased the property for $1.5 million, or $250,000 per unit. Built in the 1930s, the property consists of six units, four of which were delivered vacant. Alexandra Rossland of GFI Realty Services represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.
NEW YORK CITY — TerraCRG has closed the sale of a mixed-use building located at 994 Atlantic Ave. on the border of Crown Heights and Clinton Hill in Brooklyn. The 3,200-square-foot property sold for $1.2 million, or $359 per square feet with a 5.52 percent cap rate. The property features two two-bedroom apartments and ground-floor retail space. The building is zoned M1-1, which means it is overbuilt by 1,600 square feet and is grandfathered in for mixed use. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG negotiated the transaction.
NEW YORK CITY — Fosun Property Holdings has rebranded One Chase Manhattan Plaza as 28 Liberty effective immediately as part of a comprehensive repositioning program for the property. Designed by Gordon Bunshaft, the 60-story, 2.2-million-square-foot office tower will undergo a renovation, including upgrades to the lobby, elevators, critical infrastructure and plaza. When complete, the redeveloped property will offer 1 million square feet of modern office space and more than 200,000 square feet of high-end retailers. Forsun acquired the property in December 2013. JLL has been tapped as the leasing agent for the building.
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building, located at 546 East 182nd St. in the Little Italy section of the Bronx. A local investor purchased the asset for $2.8 million, or $112,000 per unit. Built in 1913, the five-story building features 25 apartment units. Shulem Paneth and Eli Matyas of GFI represented the buyer, while Wilfred Matias, also of GFI, represented the seller, a local investor, in the deal.
NEWBURGH, N.Y. — CBRE Group Inc. has brokered the sale of Newburgh Crossing, a retail center located in Newburgh. Monsey, N.Y.-based DBD Holdings LLC purchased the property from RPAI Newburgh Crossing LLC, an entity controlled by Retail Properties of America Inc., for an undisclosed price. Situated at the intersection of Route 300 and 17K, the 240,378-square-foot retail center is 100 percent occupied by national tenants, including Michaels, Barnes & Noble, Pier 1 Imports and TGI Friday’s. Jeffrey Dune and David Gavin of CBRE’s Institutional Properties team represented the seller and procured the buyer in the transaction.
NEW YORK CITY — New York City-based Savanna has partnered with Hornig Capital Partners and Chelsea Village Associates to acquire 95 Evergreen Ave. in the Bushwick neighborhood of Brooklyn for an undisclosed price. The five-story, 165,000-square-foot industrial building is located on the southeastern corner of Evergreen Avenue and George Street. Originally built as the Schlitz Brewery, the property features 15,500- to 36,600-square-foot floor plates, 15- to 30-foot ceiling heights and large windows with direct views of Manhattan and the surrounding boroughs. The joint venture plans to launch a $20 million building-wide capital improvement program in the first quarter of 2015 to convert the property into an office and retail location. Renovations include upgrading the property’s façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. The new space will cater to creative, media and technology tenants. Joe Berko and Lee Slipe of Berko & Associates represented the undisclosed seller in the transaction.