BUFFALO, N.Y. — Gantry has arranged a total of $22.4 million in refinancing loans for two properties in Upstate New York. In the first transaction, a regional bank and a correspondent life insurance company provided a 10-year loan at a fixed interest rate of 3.1 percent to an undisclosed borrower. That loan provided permanent financing for a multi-tenant, mixed-use property located in an affluent suburb of Buffalo. The same lender provided a nonrecourse loan at a 10-year, fixed interest rate with a 30-year amortization. That loan provided permanent financing for a multifamily property located in the Hudson Valley region. Tom Grzebinski and Jack Stelianou of Gantry arranged the loans.
NEW YORK CITY — Ryan Severino, chief economist at JLL, has joined the adjunct faculty staff at Fordham Real Estate Institute in New York City. He will teach classes in real estate risk and portfolio management this fall. Prior to his role at JLL, Severino served as senior economist and director of research at Reis, as well as associate director of research at MetLife Real Estate Investments. Severino is a member of the CFA Institute, the American Economic Association, the National Association for Business Economics, Urban Land Institute and National Council of Real Estate Investment Fiduciaries. He earned a master’s degree from Columbia University in International Finance and Economics, a bachelor’s degree in Finance, Japanese and Economics from Georgetown University, and also has experience teaching real estate finance and economics at leading universities in New York City.
NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.
Western New York, Capital Region Expected to Reopen Additional Businesses This Week, Says Gov. Cuomo
ALBANY, N.Y. — As the COVID-19 pandemic gradually eases in the state of New York, Western New York and Capital Region are expected to reopen additional businesses this week, according to a statement from Gov. Andrew Cuomo on June 13. The regions will enter Phase III of Cuomo’s state reopening plan, which will include dine-in service at restaurants and the use of hotel amenities such as restaurants, spas and gyms. Phase III will also allow youth sports with limited spectators to resume. Western New York is expected to enter Phase III on June 16 while the Capital Region is expected to enter Phase III on June 17. As of June 14, the Centers for Disease Control and Prevention reported nearly 380,000 cases of COVID-19 in the state of New York and more than 30,500 deaths.
NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.
NEW YORK CITY — KZA Realty Group has negotiated a 1,730-square-foot medical office lease for Compassionate Medical Practice in The Bronx. Located at 1776 Boston Road, the space is on the ground floor of the eight-story, 72-unit High Hawk apartment building, which features a total of 6,800 square feet of retail space. The lease term is 10 years. The property is located within walking distance of Crotona Park and offers convenient access to interstates 95 and 278.
NEW YORK CITY — Extell Development Co., a New York-based developer, has partnered with delivery service startup Avo to offer product delivery services as an amenity at One Manhattan Square, Extell’s 815-unit residential building in Lower Manhattan. Avo will provide residents with free, same-day delivery of a range of products including groceries, electronics, household goods and personal care items from its own online store. The service will require no minimum order size and will be facilitated through “Experience by Extell,” the developer’s in-house lifestyle management platform. Avo entered the New York market last year, primarily servicing office buildings, but has accelerated its residential partnerships during the COVID-19 outbreak.
NEW YORK CITY — Restaurants and retailers on Long Island have been cleared to resume operations with some social distancing restrictions, according to a statement from New York Gov. Andrew Cuomo that was issued on Tuesday, June 9. Suffolk and Nassau counties, which comprise Long Island, have met necessary requirements in terms of reduced COVID-19 case counts and hospitalizations to enter Phase II of the state’s reopening plan. This phase allows outdoor restaurant dining, in-store retail, office work, real estate services and personal services including barbershops and hair salons. Long Island is the final region in the state to enter Phase II excluding New York City, which entered Phase I on Monday, June 8. As of June 9, the Centers for Disease Control and Prevention reported more than 380,000 cases of COVID-19 in the state of New York and more than 30,000 deaths.
NEW YORK CITY — Colliers International has negotiated a 12,724-square-foot office lease for independent life insurance brokerage firm Winged Keel Group in Midtown Manhattan. The space is located on the 44th floor of One Grand Central Place, a 52-story, 1.2 million-square-foot office building at 122 East 42nd St. Other tenants include JPMorgan Chase, First Republic Bank and Charles Schwab. Reid Longley and Robert Kennedy of Colliers International represented Winged Keel Group in the lease negotiations. Julie Christiano and Leslie Nadel represented the landlord, Empire State Realty Trust Inc., on an internal basis along with William Cohen, Scott Klau, Erik Harris and Neil Rubin of Newmark Knight Frank.
NEW YORK CITY — New York City has entered Phase I of its economic reopening plan, according to a statement from New York Gov. Andrew Cuomo. Businesses that may now resume operations under strict social distancing and sanitation guidelines include construction — building equipment, finishing and foundation contractors, highway construction, land subdivision, nonresidential building construction and utility system construction — as well as agriculture, curbside or in-store pickup retail, manufacturing and wholesale trade. New York City was considered the epicenter of the COVID-19 outbreak in the United States. Several regions in Upstate New York have already entered Phase II of reopening. As of June 7, the Centers for Disease Control and Prevention reported more than 170,000 cases of COVID-19 in the state of New York and more than 21,800 deaths.