PLYMOUTH, MASS., AND HUDSON, N.Y. — Walker & Dunlop has closed $29.4 million in financing for Copper Cove Valley and The Falls, two unaffiliated multifamily projects located in Plymouth and Hudson, respectively. The two loans were closed by Walker & Dunlop Commercial Property Funding. The company refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Copper Cove Village and The Falls each have less than 80 percent of construction completed and needed rescue capital to finish the projects. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop arranged the financing for the undisclosed borrowers. Upon completion, Copper Cove Village will feature 42 apartments in a mix of one- and two-bedroom layouts, and The Falls will offer 116 apartments in a mix of one-, two- and three-bedroom units.
NEW YORK CITY — Cushman & Wakefield arranged $550 million in fixed-rate financing for The Chetrit Family and Stellar Management. Provided by affiliates of Natixis Real Estate Capital and UBS AG, the financing is secured by Yorkshire Towers and Lexington Towers in Manhattan’s Upper East Side. Located at 305-315 E. 86th, Yorkshire Towers is a 21-story apartment building featuring 692 units. Built in 1963, Lexington Tower at the corner of East 88th Street and Lexington Avenue is a 15-story, 137-unit apartment building. Both properties recently underwent a comprehensive repositioning program that included renovations of the lobbies and common areas, reconfiguration of unit layouts and unit renovations. On-site amenities at the properties include 24-hour doormen, fitness centers and underground parking with on-site valets. Steve Kohn, Alex Hernandez, Alex Lapidus, Noble Carpenter, Doug Harmon and Adam Spies of Cushman & Wakefield secured the financing for the borrower.
NEW YORK CITY — The Kalikow Group has broken ground on 2415 Church Avenue, a rental residential building located in the Prospect-Lefferts Gardens neighborhood of Brooklyn. The Kalikow Group, WRS Associates and Ishay Group are joint owners of the $29 million, 67-unit property. The as-of-right property will include studio, one- and two-bedroom units priced at market rates. The units will feature luxury finishes including high ceilings, open kitchens, high-end appliances, in-unit washers/dryers, wood floors and spacious bathrooms. On-site amenities will include a fitness center, lounge and workspace, rooftop deck and a bicycle storage area. KSQ Architects is providing architectural services for the project, which is slated for completion in mid-2019.
NEW YORK CITY — TH Real Estate, an affiliate of Nuveen, has completed the disposition of 685 Third Avenue, an office building with ground-level retail space in Midtown Manhattan. UNIZO Holdings Co., a Tokyo-based real estate company, acquired the property for $467.5 million. The 31-story office building features 651,492 square feet of office and retail space. Office tenants include Sales Force, Tribune and Crain’s. The retail space houses Luke’s Lobster and Maison Kayser, an artisanal bakery. Bill Shanahan and Darcy Stacom of CBRE represented the buyer in the deal. This is UNIZO’s sixth New York City purchase.
PINE BUSH, N.Y. — Marcus & Millichap has arranged the sale of Valley Supreme Plaza, a retail building located at 2412 State Route 52 in Pine Bush. A private investor acquired the 50,800-square-foot retail property from an individual/personal trust for $5.8 million. Alan Cafiero, Ben Sgambati, Matt Leszyk and Anthony Asencio of Marcus & Millichap represented the seller, while Scott Plasky and Scott Edelstein of Marcus & Millichap represented the buyer in the deal.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a six-story mixed-use building located at 331 E. 81st St. on Manhattan’s Upper East Side. A private investor acquired the building for $12.7 million, or $1,202 per square foot. The 10,606-square-foot property features 14 residential apartments and one retail space, which is leased to Bar Prima. Jeremy Simon and Ronda Rogovin of Eastern Consolidated represented the seller, a real estate investment firm, while Simon also procured the buyer in the deal.
NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has purchased two office properties in the Chelsea submarket of New York for $514 million. The acquisition includes two adjoining office buildings that total 281,294 square feet at 245-249 W. 17th St., as well as a 165,670-square-foot office building at 218 W. 18th St. The seller was not disclosed. Twitter’s New York headquarters occupies the majority of the boutique buildings on 17th Street. The adjoining buildings include a six-story western tower and a 12-story eastern tower that serves as a showroom for the high-end modern furniture chain Room & Board. The nearby 12-story building on 18th Street houses the New York City headquarters of beverage and lifestyle company Red Bull, along with several other office tenants. This acquisition has allowed Columbia to increase its New York presence to a total of 2.6 million square feet of Class A office space spread throughout seven assets. This represents 44 percent of the trust’s overall portfolio. “Our acquisition of these prime Midtown South buildings allows us to expand within New York, where we already held the largest concentration in our portfolio, and will further establish Columbia as a significant player in Manhattan’s most dynamic …
NEW YORK CITY — Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has arranged the sale of an apartment property located at 1555 Grand Concourse in the Mount Eden neighborhood of the Bronx. Pistilli Realty Group purchased the building from Eric Silverstein for $29.8 million. Mark Steinmetz and Richard Velotta of Meridian represented the buyer and seller in the transaction. Built in 1927, the six-story, 139,000-square-foot building features 149 apartment units and was recently upgraded with renovated elevators, a new intercom system and a gas conversion.
LANSING, N.Y. — Great Neck, N.Y.-based Uber Capital Group, a commercial real estate financial advisory and mortgage origination firm, has arranged a $14 million loan for the acquisition of The Shops at Ithaca Mall, a shopping center located at 40 Catherwood Road in Lansing. Joel J. Gorjian of Uber Capital Group secured the financing for the borrower, a private commercial real estate investment group. Target, Old Navy, Dick’s Sporting Goods, Bon-Ton, Michaels and a 14-screen Regal Cinemas anchor the shopping center, which was built in 1976. Additional tenants at the 623,000-square-foot property include Bath & Body Works, Kay Jewelers, Victoria’s Secret, ULTA Beauty, DSW Designer Shoe Warehouse, The Entertainment Zone, Great Escape Adventures, Planet Fitness and Zumiez.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio located at 128 and 130 First Ave. in Manhattan’s East Village. HUBB NYC acquired the assets from a private investor for $12.2 million. The two five-story walk-up buildings feature 16 one-bedroom apartments and three ground-floor commercial units. John Stewart, James O’Leary, Dylan Torey and David Thurston of Marcus & Millichap represented the seller and secured the buyer in the deal.