New York

Madison Realty Provides $270M Construction Financing for 1 MSF Mixed-Use Development in Brooklyn

by Katie Sloan July 11, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood. The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway. The Rheingold Brewery opened in 1883, and was the eighth largest brewery in the nation in 1965, according to reports by the New York Daily News. The brewery closed in 1976, and was torn down in 1981. The site has been largely vacant since then, with the exception of 300 rental and privately owned apartments that were built on the southwest corner of the site in 2003. The two-building redevelopment is located at 123 Melrose St. and 54 Noll St., and will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces. Residential space will occupy floors one through nine in both buildings, offering studio, one-bedroom and two-bedroom units. Community amenities will include multiple fitness rooms including a boxing center, yoga studio, cycling room and exercise room; libraries; spas with saunas, steam and massage rooms; locker rooms; …

July 11, 2017

Loans Mixed-Use New York Northeast

Ceruzzi Holdings, SMI USA Receive $200M in Financing for Manhattan Mixed-Use Development

by Amy Works July 10, 2017

NEW YORK CITY — Ceruzzi Holdings and SMI USA have received $200 million in pre-development financing for 520 Fifth Avenue, a to-be-built, mixed-use property in Manhattan. Christopher Peck and David Nackoul of HFF arranged the floating-rate loan through Mack Real Estate Credit Strategies for the joint venture borrowers. Proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work. Situated at the corner of 43rd Street and Fifth Avenue, the development will comprise approximately 425,000 square feet, including luxury condominiums, a five-star hotel and more than 33,000 square feet of Fifth Avenue retail space.

July 10, 2017

Multifamily New York Northeast

Propco Holdings, UA Builders Group Break Ground for Residential Building in the Bronx

by Amy Works July 7, 2017

NEW YORK CITY — Propco Holdings, with UA Builders Group serving as general contractor, has broken ground for a residential building located at 915 Dawson St. in the Bronx. The eight-story, 23,301-square-foot building will feature 29 apartments, parking spaces, a fitness center, a recreation area and indoor bicycle storage.

July 7, 2017

Loans Multifamily New York Northeast

JLL Secures $88M in Refinancing for Two Long Island Apartment Communities

by Amy Works July 7, 2017

NEW YORK CITY — JLL has secured a total of $88 million in refinancing for Pine Hills South and Medford Pond, a pair of gated apartment communities in Long Island. The borrower was Heatherwood Luxury Rentals. JLL originated a 10-year, $57 million loan for Pine Hills South and a 10-year, $31 million loan for Medford Pond. Financing was provided by Freddie Mac. Aaron Appel and Jonathan Schwartz of JLL arranged the refinancing. Pine Hills South features 700 units and Medford Place features 200 units.

July 7, 2017

Loans Multifamily New York Northeast

Meridian Capital Arranges $19M Construction Loan for Condo Development in Brooklyn

by Amy Works July 6, 2017

NEW YORK CITY — Meridian Capital Group has arranged $19 million in ground-up construction financing for the development of Element88, a residential condominium project located in Brooklyn’s Williamsburg neighborhood. The borrowers are RYBAK Development and BK Developers. The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. Sean Robertson of Meridian negotiated the loan. Located at 88 Withers St., the eight-story, 50,000-square-foot building will feature 33 units, 5,000 square feet of retail space and 25 covered parking spaces. Sales at Element88 will begin in first quarter 2018, with unit delivery by summer 2018.

July 6, 2017

Hospitality New York Northeast

Home2 Suites by Hilton Opens 89-Suite Hotel in Oswego, New York

by Amy Works July 6, 2017

OSWEGO, N.Y. — Home2 Suites by Hilton has opened a new location in Oswego. Located at 252 New York State Route 104, the hotel features 89 suites, a combined laundry and fitness area, indoor heated pool, outdoor patio, Home2 MKT and complimentary breakfast. Visions Hotels owns and manages the property.

July 6, 2017

Loans New York Northeast Office

Houlihan-Parnes Realtors Arranges $21.5M Loan for 278,788 SF Office Building in New Rochelle, N.Y.

by Amy Works July 5, 2017

NEW ROCHELLE, N.Y. — Houlihan-Parnes Realtors has placed a $21.5 million new first mortgage on an office property located at 145 Huguenot St. in New Rochelle. GHP Office Realty, a division of Houlihan-Parnes Realtors, owns the property. State of New York, County of Westchester, Steiner Sports, Monroe College, Benchmark Education, Advent Software, ET & Allergy Associates, Greenwich Hospital and Sound Shore Medical Group are tenants of the 278,788-square-foot office building. Christie Houlihan, James Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors secured the financing for the borrower. Elizabeth Smith of Goldberg, Weprin, Finkel & Goldstein provided legal counsel to the borrower. Chicago Title Insurance Co. insured the title.

July 5, 2017

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $7.3M in Financing for Seniors Housing Apartments in Upstate New York

by Amy Works July 5, 2017

GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.

July 5, 2017

Multifamily New York Northeast

Alpha Realty Brokers Sales of Two Apartment Buildings in Brooklyn Totaling $7M

by Amy Works June 30, 2017

NEW YORK CITY — Alpha Realty has arranged the sales of two separate apartment buildings in the East Flatbush Section of Brooklyn. A private local investor acquired a 12,800-square-foot, 16-unit apartment building at 5601 Snyder Ave. for $3 million. A different private investor purchased a 21,000-square-foot, 26-unit apartment building at 545-555 E. 82nd St. for $4 million. Lev Mavashev of Alpha Realty represented the buyers and seller, Up Realty, in the off-market transaction.

June 30, 2017

Hospitality New York Northeast

MCR Sells 18 Marriott and Hilton Hotels for $407.4M

by Amy Works June 29, 2017

NEW YORK CITY — MCR has sold 18 Marriott and Hilton assets to American Hotel Income Properties REIT for $407.4 million. The sale encompassed 2,187 rooms, which sold for roughly $186,000 each. The assets are in Maryland, New Jersey, New York, Connecticut and Pennsylvania. MCR is the seventh largest hotel owner-operator in the country and operates hotels under 10 brands.

June 29, 2017

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