MELVILLE, N.Y. — NorthMarq has arranged a $3.7 million cash-out refinancing for a 71,000-square-foot industrial building in Melville. The non-recourse financing included a 10-year term, fixed rate of 4.33 percent and a 25-year amortization schedule. Charles Cotsalas of NorthMarq’s Long Island regional office secured financing on behalf of the borrower, 100 Marcus Drive Associates. The lender was 40 | 86 Mortgage Capital Inc., a life insurance company.
NEW YORK CITY — Leviathan Capital has secured a $1.4 million loan to refinance a two-story, 3,750-square-foot mixed-use building in the Bushwick neighborhood in Brooklyn. Yaron Cohen of Leviathan Capital secured a five-year loan with a fixed rate of 4.375 percent for the undisclosed borrower. The lender was a local community bank. Terms of the financing also included a 30-year amortization schedule.
NEW YORK CITY — Avison Young has negotiated the $8.9 million sale of 356 Bowery, a 6,500-square-foot, mixed-use building in the NoHo neighborhood of Manhattan. The five-story residential and retail property is currently vacant. James Nelson and Brandon Polakoff of Avison Young represented the seller, Ultimate Realty LLC, in the transaction. The buyer was undisclosed.
BUFFALO, N.Y. — KeyBank has provided a $5.4 million construction loan and $6.7 million in 9 percent tax credit equity for the construction of Elim Townhomes in Buffalo. The two-acre property will feature 30 townhome units, available to households earning 50 percent of the area median income. Additionally, six of the 30 units will be set aside for individuals and families with physical, hearing or vision impairments. The borrower was Belmont Housing Resources. Terms of the financing were not disclosed. Other investments in Elim Townhomes included $3.1 million in permanent financing from the New York State Housing Trust Fund and a $900,000 permanent, long-term HOME loan from the City of Buffalo.
HAUPPAUGE, N.Y. — NorthMarq has arranged a $4 million loan to refinance an 82,835-square-foot industrial facility in Hauppauge. The property is located at 90 Nicon Court. NorthMarq arranged the 10-year, permanent loan for the borrower, 90 Nicon Realty LLC, through lender Lincoln Financial Group. The non-recourse loan features a fixed interest rate of 4.33 percent and a 25-year amortization schedule. The building is currently fully occupied by W.B. Mason.
NEW YORK CITY — Benchmark Real Estate Group has acquired a six-story, mixed-use building in Manhattan for $21 million. Located at 35 Bedford St., the property consists of 33 apartments and three retail units. The building was constructed in 1900 and is part of the Greenwich Village Historic District Extension. Aaron Jungreis of Rosewood Realty Group represented both Benchmark and the seller, Renaissance Properties, in the transaction. Benchmark plans to fully renovate the property.
NEW CITY, N.Y. — Capitol Seniors Housing has started construction of Atria New City, an assisted living and memory care community in the affluent hamlet of New City in Clarkstown. Located approximately 30 miles north of Manhattan, the $30 million, three-story, 70,000-square-foot community features 80 residential suites. Atria Senior Living is the operator. Atria New City is scheduled to open in the first quarter of 2020. Meyer Senior Living Studio designed the community. Capitol Seniors Housing also is constructing Stonegate at Greenburgh, an assisted living and memory care community in nearby Greenburgh.
NEW YORK CITY — Lee & Associates has arranged the $11.5 million sale of a 25,473-square-foot development site in the Astoria neighborhood of Queens. Located at 26-24 and 26-26 4th St., the property consists of two lots, which are zoned residential. One of the lots features a 20,000-square-foot warehouse. The properties allow for a total of 67,982 buildable square feet. Alfonso Holloman of Lee & Associates represented the buyer, Bruman Realty, and the undisclosed seller, in the transaction.
NEW YORK CITY — Marcus & Millichap has negotiated the $1.2 million sale of a 3,500-square-foot mixed-use building in Brooklyn. The property is located at 1001 39th St. John Brennan and Samuel Finkler of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK CITY — Cushman & Wakefield has arranged the $7.1 million sale of a 13-unit luxury apartment building in Queens. Located at 23-23 Astoria Blvd., the seven-story, 13,568-square-foot property consists of 12 one-bedroom apartments and one three-bedroom apartment. The building also features seven parking spaces, a laundry room and a common rooftop deck. Stephen R. Preuss represented the seller, an ownership group of Tinaandrew, Ballis, Juuj Realty and Theopan Properties LLC. The buyer was J & N Development.