NEW YORK CITY — New York City-based institutional investment firm BentallGreenOak has closed on its acquisition of Metropolitan Real Estate Equity Management LLC, formerly a division of Washington, D.C.-based global private equity firm The Carlyle Group. The deal creates an entity with approximately $55 billion in assets under management. Moving forward, Metropolitan will operate under the name BGO Strategic Capital Partners.
NEW YORK CITY — Locally based investment firm Conway Capital has purchased two multifamily and retail buildings in the Park Slope neighborhood of Brooklyn for $7.9 million. The 7,200-square-foot building at 155 Fifth Ave. was constructed in 1920 and consists of eight apartments and a ground-floor restaurant/jazz bar. The 4,900-square-foot property at 138 St. Marks Place was built in 1931 and includes 10 apartments and a pizzeria. The assets sold for $4.2 million and $3.7 million, respectively. Adam Lobel of BRG represented the seller of 155 Fifth Ave., and Eddie Setton and Adam Hess of Meridian represented the seller of 138 St. Marks Place.
WHITE PLAINS, N.Y. — GHP Office Realty, a division of Houlihan-Parnes Realtors, has received a $4.5 million loan for the refinancing of a 35,000-square-foot office building in White Plains, a northern suburb of New York City. A local bank provided the 15-year loan, which was structured with a fixed interest rate for the first 10 years and a 30-year amortization schedule. GHP has owned the four-story building, which recently underwent a capital improvement program, since 1999.
NEW YORK CITY — The Rudin Family, a locally based owner-operator, has launched a multimillion-dollar capital improvement program at 3 Times Square, a 30-story office tower in Midtown Manhattan. The program will include the creation of a new three-story lobby, touchless entry mechanisms, upgraded elevator systems and dedicated amenity space on the 16th floor. The new amenity deck will feature a coffee bar, fitness center with locker rooms, outdoor dining spaces and a conference and event center that can hold up to 220 people. The 885,000-square-foot building was originally completed in 2001 as the North American headquarters of Reuters Group PLC. Rudin has tapped FXCollaborative, which originally designed the building, as the project architect. Cushman & Wakefield will handle leasing of the redeveloped building. An expected completion date was not released.
NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 42-unit apartment building located at 653 Cauldwell Ave. in The Bronx. The sales price equates to roughly $107,000 per unit. Michael Fusco, Seth Glasser, Joe Koicim, Peter Von Der Ahe and Bryan Jimenez of Marcus & Millichap represented the seller and the buyer, both of which were private individual investors, in the transaction. John Krueger, regional manager of the firm’s Manhattan office, also assisted in closing the deal.
Lument Provides $8.3M HUD-Insured Loan for Refinancing of Senior Living Property in Upstate New York
OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f) program.
NEW YORK CITY — Avison Young has negotiated the $13.2 million sale of a multifamily building located at 100 Second Ave. in the East Village neighborhood of Manhattan. The five-story building houses seven apartments that were recently renovated and one commercial space. Brandon Polakoff of Avison Young represented the seller, Highpoint Property Group, in the deal. The buyer was not disclosed.
PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview, a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community, the site of which formerly housed a Residence Inn by Marriott hotel prior to its conversion to seniors housing. Meyer Senior Living Studio was the designer for the project, while E.W. Howell Construction Group was the general contractor.
NEW YORK CITY — Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem. The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park. The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space. Brad Domenico of Progress Capital arranged the loan, terms of which included two years of interest-only payments, through Metropolitan Bank.
MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion. A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an affiliate of Bow Capital, a venture capital firm begun by Vivek Ranadive, the founder of TIBCO software and owner of the NBA’s Sacramento Kings. The transaction, which is expected to close by the third quarter, will provide New York City-based WeWork with approximately $1.3 billion of cash to fund future growth initiatives. The transaction will be funded with BowX’s $483 million of cash in trust, in addition to $800 million in private investment from capital sources such as Insight Partners, funds managed by Starwood Capital Group and others. SPACs have recently grown in popularity among private and institutional investors alike as vehicles for taking companies public. According to Forbes, which recently analyzed the U.S. activity of SPACs, these entities raised as much …