VERONA, N.Y. — KeyBank Community Development Lending & Investment (CDLI) has provided a $10.8 million construction loan to convert a public school into affordable seniors housing in Verona, located just off Interstate 90 between Syracuse and Utica. Named the Jason Gwilt Memorial Senior Apartments, the project will feature 50 units and a senior center. Apartments are reserved for seniors making up to 50 percent of the area median income, with 15 units specifically set aside for homeless and frail residents. Services for those frail and homeless residents will be paid for using Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR). In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low-interest, long-term mortgages. The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment. Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.
NEW YORK CITY — Atlas Hospitality, in partnership with Fortuna Realty Group, has received a $40 million construction loan from Bank of America Merrill Lynch for the development of a 128-room boutique hotel in the financial district of Manhattan. Located at 120-122 Water St., the 26-story building will include a high-end restaurant on the ground floor and a double-deck rooftop with views of Manhattan. Fortuna Realty Group will manage the property upon its completion in 2020. Terms of the financing were not disclosed.
NEW YORK CITY — A joint venture between PEBB Capital and TriArch Real Estate Group has broken ground on a 153-bed student housing development located in the Morningside Heights neighborhood of Manhattan near Columbia University. The partnership acquired the land parcel in February for $20.3 million. The 14-story, 64,000-square-foot building will offer studio, one-, two- and three-bedroom, fully furnished units. Shared amenities will include a state-of-the-art fitness center, a study area with breakout rooms and a conference center, an outdoor terrace, bike storage, a package room, security surveillance, a rooftop deck and a coffee bar. The development is scheduled for completion in May 2020.
NEW ROCHELLE, N.Y. — HFF has negotiated the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story apartment tower in New Rochelle. Completed in 2007, the 588-unit property consists of a mix of market-rate studio through three-bedroom units. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, JB Bruno and Andrew Scandalios of HFF represented the seller, The DSF Group, in the transaction. The buyers were Azure Partners and Harbor Group International.
NEW YORK CITY — Eastern Union has arranged a $46 million construction loan for the development of an 11-story condominium tower in the Kips Bay neighborhood of Manhattan. Located at 165 Lexington Ave., the property will consist of 43 residential units as well as two commercial spaces totaling 2,860 square feet. The architect for the project is Issac & Stern Architects. Michael Muller and Moshe Lipschitz of Eastern Union secured the financing on behalf of the borrower, Lexington Partners LLC, a joint venture between Brooklyn North Capital and RiverBrook Equities. S3 Capital Group provided the financing package. The project is slated for completion in March 2020.
ITHACA, N.Y. — HREC Investment Advisors has brokered the sale of the 106-room Fairfield Inn & Suites in Ithaca. The sales price was undisclosed. The property is located at 359 Elmira Road, approximately two miles from both Cornell University and Ithaca College. Ketan Patel of HREC Investment Advisors represented the seller, Titan Hotel Group, in the transaction. The buyer was undisclosed.
NEW YORK CITY — A partnership between Taconic Investment Partners LLC and TH Real Estate has acquired 440 Ninth Avenue, a 411,000-square-foot office building in Manhattan, for $269 million. The property, known locally as the Harding Building, is located at Ninth Avenue and West 35th Street near the Hudson Yards mixed-use development on Manhattan’s west side. The 18-story building was originally constructed in 1927 and currently includes retail space. The seller was UNIZO Holdings Co. Ltd., a Japanese real estate investment firm. Darcy Stacom and Bill Shanahan of CBRE represented UNIZO in the deal. Evan Pariser and Michael Gigliotti of HFF represented the buyer. Tom Traynor and James Millon of CBRE arranged acquisition financing through MetLife Real Estate Investors for the transaction. The new ownership will implement a value-add plan that will upgrade the lobby, elevators and mechanical systems.
WESTCHESTER, N.Y. — Leviathan Capital has secured a $20 million construction loan for the Grand, a transit-oriented multifamily community in Westchester. The 56,000-square-foot project will consist of 15 townhomes and nine penthouse units. The project is slated to be completed in 2021. Leviathan secured the non recourse loan with a completion and carry guaranty to the borrowers, a group that includes NBA basketball player Luol Deng. The lender was undisclosed.
NEW YORK CITY — Thor Equities has sold a 7,900-square-foot retail property in Brooklyn. The sales price was undisclosed. Located at 1221 Ave. J in the Midwood neighborhood of Brooklyn, the three-story property includes more than 135 feet of frontage on Avenue J and East 13th Street. Thor Equities acquired the building in 2014 and secured a long-term lease with Capital One for the entire property.
NEW YORK CITY — S3 Capital Partners has provided a $75 million construction loan for an apartment tower in the Mott Haven neighborhood of the Bronx. Located at 210 E. 135th St., the property will include 237 residential rental apartments and 3,000 square feet of commercial space. Isaac Filler of Meridian Capital Group represented the borrower, Cheskel Schwimmer of CGS Developers. Terms of the financing were not disclosed.