CENTRAL ISLIP, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $39 million loan for the refinancing of Villas at Eastview, a 100-unit apartment complex located in the Long Island community of Central Islip. The property consists of 11 buildings on an 8.6-acre site. Units exclusively come in two-bedroom floor plans and have an average size of 1,295 square feet. Emil DePasquale and Robert Serra of BBCP arranged the loan, which carries a seven-year term, fixed interest rate and a 60 percent loan-to-value ratio, through New York Life Insurance on behalf of the owner, The Crest Group.
NEW YORK CITY — ASAK Solutions Inc., a provider of ground-handling services for the aviation industry, has signed a 16,515-square-foot industrial lease in the Jamaica area of Queens. The facility at 152-15 Rockaway Blvd. will support the company’s ramp and cargo handling business as JFK International Airport. Joseph Hentze Jr. of Cushman & Wakefield represented the tenant in the lease negotiations. Joseph Lagano and Reid Berch of Avison Young represented the landlord, Boston-based Longpoint Partners.
MIDDLETOWN, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $75 million in financing for Orange Plaza, an 811,272-square-foot retail power center in Middletown, about 70 miles northwest of New York City. Orange Plaza was 94 percent leased at the time of sale to tenants such as Walmart, Home Depot, Kohl’s, Burlington, Ross Dress for Less, Marshalls, Staples and Old Navy. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the financing through an undisclosed life insurance company on behalf of the borrower, National Realty & Development. The seven-year loan features a 30-year amortization schedule.
NEW YORK CITY — New York City-based Dwight Capital has provided a $54 million HUD-insured loan for the refinancing of The Amara, a 92-unit apartment building located in the Astoria neighborhood of Queens. Completed in 2024, the six-story building houses studio, one-, and two-bedroom units in addition to 13,790 square feet of ground-floor retail space that is leased to Spear Physical Therapy, restaurant The French Workshop, pizzeria Freddy’s Since 1961 and food hall Wonder Astoria. Keith Hoffman and Jack Tawil of Dwight originated the loan through HUD’s 223(f) program on behalf of the locally based borrower, Tsilo Group.
ELMSFORD, N.Y. — Capstone Logistics has signed a 37,000-square-foot industrial lease in Elmsford, located north of New York City in Westchester County. The space is located within the newly renovated building at 700 Executive Blvd. Michael Rao of New York Commercial Realty Group represented the tenant in the lease negotiations. Brendan Hickey internally represented the landlord, GHP Office Realty.
NEW YORK CITY — A partnership between LDG Group LLC, Infinite Horizons, L+M Development Partners and Urbane Development Group has received $97 million in financing for a multifamily adaptive reuse project in Harlem. Designed by Curtis & Ginsberg Architects, the project involves the conversion of the former Lincoln Correctional Facility into a 105-unit affordable housing complex with units that will be reserved for households earning between 40 and 100 percent of the area median income. The new housing complex will feature amenities such as a community room, children’s playroom, coworking lounge and multiple terraces, as well as 6,000 square feet of retail space. The financing includes a construction loan from M&T Bank and a variety of public-sector subsidies. Demolitions and abatements of existing structures are set to begin in June and to last about 12 months. Full completion is expected in mid-to-late 2029.
WHITE PLAINS, N.Y. — Nashville-based developer Southern Land Co. has begun leasing Juliette, a 177-unit multifamily project located north of New York City in White Plains. Juliette offers studio, one-, two- and three-bedroom units that range in size from 626 to 1,868 square feet. Amenities include a pool, fitness center, clubroom with a demonstration kitchen, coworking lounge, lawn gaming area and outdoor grilling and dining stations. Rents start at $2,640 per month for a studio apartment.
ELMSFORD, N.Y. — Helpsy, a regional collector of recyclable clothing, has signed a 30,500-square-foot industrial lease in Elmsford, located north of New York City in Westchester County. The lease term is 10 years, and the space is located within the newly renovated building at 700 Executive Blvd. Michael Rao of New York Commercial Realty Group represented the tenant in the lease negotiations. Brendan Hickey internally represented the landlord, GHP Office Realty.
NEW YORK CITY — Merchants Capital has provided $26.3 million in financing for the rehabilitation and conversion (to affordable seniors housing) of Three Arts Club, a 62-unit historic multifamily property on Manhattan’s Upper West Side. Three Arts Club was originally built in the 1920s as dormitory-style housing for aspiring female artists. Upon completion of the rehabilitation and conversion, the property will offer housing for residents age 62 and above who earn 50 percent or less of the area median income. In addition, 25 units will be set aside for formerly homeless individuals. The financing consists of an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. The owner is nonprofit organization West Side Federation for Senior & Supportive Housing Inc.
NEW YORK CITY — MiQ Digital USA, an AI-powered advertising company, has signed an 18,600-square-foot office lease expansion at 261 Fifth Avenue, a 25-story, 450,000-square-foot building in Midtown Manhattan. A tenant at the building since 2018, MIQ will relocate from its spaces on the 25th and 26th floors to the entire 20th and 21st floors, as well as part of the 19th floor, yielding a total new footprint of 42,000 square feet. Chase Gordon and Tyler Marshall of Transwestern, along with Josh Kurstin of Colliers, represented MIQ in the lease negotiations. Andrew Wiener, Kyle Young and Tim Parlante represented the landlord, The Feil Organization, on an internal basis.
Newer Posts