NEW YORK CITY — JLL has arranged a $104 million loan for the refinancing of a portfolio of two multifamily properties totaling 233 units in Manhattan. The portfolio comprises Renoir House, a 151-unit building located at 225 E. 63rd St. on the Upper East Side, and an 82-unit building located at 120-125 Riverside Drive on the Upper West Side. The buildings were originally constructed in 1962 and 1904, respectively. Scott Aiese, Lauren Kaufman, Hall Oster and Alex Staikos of JLL arranged the financing through Citi on behalf of the owner, AYA New York. The portfolio was roughly 97 percent occupied at the time of the loan closing.
YONKERS, N.Y. — CubeSmart will open a 949-unit self-storage facility in Yonkers, located north of New York City. New York-based Cayre Equities is developing the facility at 1060 Nepperhan Ave., and construction has now passed the midpoint and is expected to be complete in the second or third quarter of next year. Miami-based lender 3650 Capital provided a $24 million construction loan for the project that carried a 36-month term with a six-month extension option. David Eyzenberg of Eyzenberg & Co. arranged the loan on behalf of the developer.
NEW YORK CITY — Merchants Capital has arranged $185 million in financing for the acquisition and rehabilitation of Nostrand Houses, a 1,148-unit affordable housing community in Brooklyn’s Sheepshead Bay neighborhood. Nostrand Houses comprises 16 buildings that were constructed between 1949 and 1951 across two contiguous sites. The rehabilitation, which began in October, will be executed in six phases and is expected to last about 60 months. Capital improvements will cover individual apartments and building-wide systems, inclusive of new kitchens and bathrooms, electrified heating and cooling systems, new elevators, improved accessibility, lead and mold remediation and upgraded security systems. Merchants Bank provided the loan for Nostrand House, with $50 million of the total loan provided by the AFL-CIO Housing Investment Trust (HIT), which acted as co-lender on the deal. Joshua Canan and Mathew Wambua led the transaction for Merchants Capital.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has secured a $13.7 million loan for the refinancing of a 134,000-square-foot office building in White Plains, located north of New York City. The five-story building at 4 W. Red Oak Lane offers amenities such as a café and a fitness center and is home to tenants in industries such as real estate, financial and legal services, as well as insurance and telecommunications. James Houlihan and Andrew Greenspan of Houlihan-Parnes arranged the five-year, fixed-rate loan on behalf of the borrower, GHP Office Realty, which is an affiliate of Houlihan-Parnes.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $10.7 million sale of a 90,000-square-foot vacant industrial building in The Bronx. The four-story facility at 425 Devoe Ave. features 60,000 square feet of above-grade space and 30,000 square feet of below-grade space and includes covered truck-level loading docks and four drive-in doors. Jason Gold, Sean Kelly and Daniel Mahfar of Ariel the seller, Abingdon Square Partners, in the transaction. The buyer was MADDD Equities.
NEW YORK CITY — Berkadia has provided a $219 million Fannie Mae permanent loan for the rehabilitation and preservation of Rangel Houses, a 984-unit affordable housing community in Upper Manhattan. Rangel Houses was originally built on 11 acres in 1951 as Colonial Park Houses and was renamed in 1977 in honor of tenant association president Ralph Rangel. Today, the community comprises eight high-rise buildings that are home to roughly 1,800 people. All units are reserved for households earning 80 percent or less of the area median income, with the majority (954 units) designated for “very low-income” residents. Rangel Houses also features playgrounds and open space, commercial space and specialized centers for seniors and children of varying ages. Matthew Baptiste and Heather Olson of Berkadia originated the financing in partnership with the New York City Housing Authority, the New York City Housing Development Corp. and Goldman Sachs on behalf of the owner, Genesis Cos. The loan was structured with a 15-year term, five years of interest-only payments and a 40-year amortization schedule.
PLEASANTVILLE, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Atwood, a 71-unit apartment building in Pleasantville, located about 30 miles north of New York City. Built in 2023, The Atwood exclusively offers one-bedroom units with an average size of 774 square feet and amenities such as a fitness center, lounge and a rooftop terrace. Eric Pentore, Victor Nolletti, Wes Klockner and John Horowitz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Affinius Capital has provided a $226 million loan for the refinancing of 55 House, a 43-story apartment tower in downtown Brooklyn. The building houses 295 residences — 206 market-rate apartments and 89 affordable housing units — as well as 3,500 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a fitness center, rooftop terrace, lounge, media room and coworking space. The project was announced in June 2023, and leasing launched earlier this year. The borrower is a joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina.
GARDEN CITY, N.Y. — The New York State Unified Court System has signed a 16,000-square-foot office lease in the Long Island community of Garden City. The space is located on the third floor of Garden City Center, a 200,000-square-foot building that offers amenities such as a conference center, fitness center, café and a tenant lounge. Ralph Guiffre of CBRE represented the tenant in the lease negotiations. Andrew Wiener and Robert Fisher represented the landlord, The Feil Organization, on an internal basis.
AMITYVILLE, N.Y. — JLL has arranged a $154.2 million loan for the refinancing of Greybarn Amityville, a 335-unit apartment community located on Long Island’s South Shore. Developed in phases between 2016 and 2020, Greybarn Amityville comprises 269 market-rate units and 66 workforce housing units in one- and two-bedroom floor plans. Amenities include a pool, fitness center, private workspaces, resident lounge and a community garden, and the community also houses 37,737 square feet of ground-floor retail space that is home to tenants such as Starbucks and True North Urgent Care. Peter Rotchford, Andrew Scandalios and Clayton Ross of JLL arranged the loan through Los Angeles-based PCCP on behalf of the owner, Rechler Equity Partners.
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