NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $33.1 million construction loan for a multifamily project in Brooklyn. The borrower, CW Realty Group, plans to develop a 59-unit project with 30 parking spaces at 251 Front St. in the borough’s Vinegar Hill area. A completion date for the transit-served project was not disclosed.
NEW YORK CITY — Lument has provided a $115 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in New York City. The property was originally built in the 1950s and consists of seven residential buildings, 40 commercial units and a parking garage. The loan carries a 10-year term, fixed interest rate and a 30-year amortization schedule. Nicholas Diamond led the transaction for Lument. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
HAWTHORNE, ELMSFORD AND YONKERS, N.Y. — JLL has arranged a $455 million refinancing loan for a portfolio of 45 properties totaling approximately 2.6 million square feet across three industrial parks in New York’s Westchester County. Bank of America provided the floating-rate, non-recourse loan to the borrower, Robert Main Co. Mike Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford and Tyler Peck of JLL arranged the financing transaction. The loan terms were not disclosed. The portfolio is situated in infill locations within in the New York metropolitan area. The properties benefit from significant barriers to entry, limited new supply and access to Interstates 287 and 87. Over the past few years, Robert Martin Co. has made improvements to the properties including new roofs, LED lighting upgrades, solar panel installations, paving and landscaping. The three industrial campuses include Mid Westchester Executive Park at 2 Skyline Drive in Hawthorne; Cross Westchester Executive Park at 100 Clearbrook Road in Elmsford; and South Westchester Executive Park at 7 Odell Plaza in Yonkers, according to the Commercial Observer. The properties are occupied by approximately 300 tenants in a wide variety of industries including warehousing, transportation, mechanical, child care, health technologies and quantum computing research. “This portfolio has …
RONKONKOMA, N.Y. — Greystone has provided a $203.1 million Freddie Mac loan for the refinancing of Alston Station Square, a 489-unit apartment community located in the Long Island community of Ronkonkoma. The newly constructed, six-building community is located within The Hub at Ronkonkoma, a 2 million-square-foot mixed-use development. Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate. Bank of America provided the original construction loan to the borrower, an affiliate of Tritec Real Estate Co.
NEW YORK CITY — Avison Young has negotiated the $15 million sale of a mixed-use building in Queens. The property at 92-40 Queens Blvd. consists of 60 residential units, five retail spaces and two office spaces. At the time of sale, the property was 97 percent leased across all its residential and commercial components. James Nelson, Neil Helman, Charles Kingsley, Jon Epstein, Frederick Richter and Bradley Rothschild of Avison Young represented the seller, The Feil Organization, in the transaction. Aaron Jungreis of Rosewood Realty Group represented the buyer, A&E Real Estate Holdings.
NEW YORK CITY — New York City-based investment firm iStar Inc. (NYSE: STAR) has entered into an agreement to sell its portfolio of net-leased office, industrial and entertainment properties for roughly $3 billion. The properties are located in various markets throughout the country and total approximately 18.3 million square feet. The buyer is an affiliate of New York City-based private equity firm Carlyle Group. The deal is expected to close before the end of the first quarter. The stock price of iStar Inc. closed at $24.94 per share on Wednesday, Feb. 2, the first full day of trading after the deal was announced. The stock price is currently up more than 50 percent from its mark of $15.81 a year ago.
YONKERS, N.Y. — Callahan Construction Managers has broken ground on a 440-unit multifamily project at 57 Alexander St. in the northern New York City suburb of Yonkers. Designed by Perkins Eastman and developed by Rose Associates, the seven-story waterfront community will offer a mix of studio, one- and two-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining areas, golf simulator, coworking lounge and a game room. The development team expects to deliver the project in phases throughout 2023.
COHOES AND SARATOGA SPRINGS, N.Y. — New York City-based brokerage firm Adirondack Capital Partners has arranged the $142.5 million sale of a portfolio of three multifamily properties totaling 415 units in Upstate New York. The first property in the portfolio is a 222-unit community located at 100 Waters View Circle in Cohoes, located outside of Albany. The other two properties, the 48-unit Pavilion Grand Executive Apartments and the 145-unit Hamlet at Saratoga Springs, are located north of the state capital in Saratoga Springs. Locally based investment firm Prime Cos. sold the portfolio to Aker, an investment firm based in Beacon, New York.
NEW YORK CITY — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of 517 West 29th Street, a 60-unit apartment building located at the confluence of Manhattan’s Chelsea and Hudson Yards neighborhoods. Completed last October, the 10-story building was 80 percent occupied at the time of the loan closing and offers amenities such as a fitness center, outdoor grilling space and a rooftop terrace. Christopher Peck, Peter Rotchford, Phil Cadorette and Ricky Song of JLL arranged the loan on behalf of the borrower, Churchill Real Estate.
NEW YORK CITY — JLL has negotiated the $54 million sale of a multifamily development site located at 555 Broadway in the Williamsburg neighborhood of Brooklyn. Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara and Winfield Clifford of JLL represented the seller, The Collective, a co-living operator based in the United Kingdom, in the transaction. The team also procured the buyer, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group that plans to develop a 250,000-square-foot community with retail space. In addition, a portion of the units will be reserved as affordable housing. A construction timeline was not disclosed.
