ALBANY, N.Y. — KeyBank Community Development Lending & Investment has partnered with Riverside Capital to provide a $12.7 million Low Income Housing Tax Credit (LIHTC) equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an affordable housing development in Albany, NY. The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existing reserves. The property features 188 LIHTC-regulated units serving families that earn up to 60 percent of the area median income. Of these units, 131 will be covered by a 20-year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent. Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago. Tori O’Brien of of KeyBank Community Development Lending arranged the financing.
NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Trinity Wall Street in arranging $400 million of acquisition financing secured by 375 Hudson Street in Manhattan. The senior mortgage financing was provided by affiliates of Goldman Sachs Mortgage Company. The 19-story Class A office and retail property was constructed in 1987; it contains nearly 1.1 million square feet of rentable area including 17 floors of office space, prime ground-floor retail space, a gym and rooftop outdoor running track, 46,000 square feet of storage space as well as a two-level, 100-space parking garage. The property’s office space is fully leased, anchored by Saatchi & Saatchi, which occupies more than 62 percent of the space. Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented Trinity Wall Street.
HENRIETTA, N.Y. — University Student Living LLC has opened The Lodge, a student housing community located near the Rochester Institute of Technology in Henrietta, New York. The community offers 37 individual cottage homes and 37 townhouses along the Genesee River. The property features sidewalks; on-street parking; over 2.5 miles of walking trails; a 6,500-square-foot clubhouse; pool deck; study lounges; a business center; social areas with billiards, ping pong and media screens; outdoor grilling stations; a 24-hour fitness center with a yoga studio; athletic fields; and fire pits. All homes are fully furnished and leased by the bed. The property was 99-percent pre-leased, and opened one month ahead of schedule.
MONTGOMERY, N.Y. — Meridian Design Build has completed the construction of a package sortation and distribution center located at 201 Neelytown Road in Montgomery for developer SunCap Property Group. Situated on 44.1 acres, the 248,370-square-foot facility was built for a leading provider of global shipping and information services. The facility features 63 loading docks, seven drive-in doors, 184 interior van loading positions, 451 auto parking stalls and 190 exterior trailer stalls. Cornerstone Architects provided architectural services, while Langan provided civil engineering work for the property.
NEW YORK CITY — Kamber Management Co. has entered into a contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side for an $50 million. The 916-parking stall portfolio consists of three parking garages located at the base of five residential towers located at 80, 100-120 and 220-240 Riverside Blvd. The properties are fully leased to Icon Parking Systems, a garage operator in New York City. David Schechtman of Meridian Capital Group represented the undisclosed seller, while Steven Levy of Kamber Management represented the buyer in the deal.
NEW YORK CITY — The Durst Organization, a New York-based owner and operator of Manhattan office and residential assets, has closed a financing package totaling $1 billion from multiple lenders for several of its office assets. The financing included a $600 million loan for five office buildings and a $400 million credit line. The five assets involved in the debt include 655 Third Ave., 675 Third Ave., 825 Third Ave., 114 West 47th St. and 205 E. 42nd St. Citi Private Bank was the lead lender for the financing, contributing $650 million. As part of the package, JPMorgan Chase, TD Bank, and Bank of New York Mellon each provided $100 million, and City National Bank provided $50 million. Durst will use the loan to refinance its existing debt into a first mortgage debt, and the company will use the credit facility to finance future acquisitions. Dennis Hellman of Rosenberg & Estis PC, New York’s largest real estate law firm, represented The Durst Organization in the financing deal, with assistance from colleagues Kamilla Bogdanov and Daniel Grobman. Chatham Financial also advised Durst in connection with the financing, while Herrick Feinstein represented Citi Private Bank. “The structure of this financing is similar …
SYRACUSE, N.Y. — Marcus & Millichap has arranged the sale of a retail property located in Syracuse. A limited liability company sold the property to a private investor for $5.3 million. Rite Aid occupies the 12,738-square-foot property on a net-lease basis. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the deal.
HEWLETT, N.Y. — Chicago-based Associated Bank has closed a $15.3 million construction loan for 1150 Broadway Holdings LLC/LSC Development. The borrower plans to convert an existing warehouse/office building, located at 1150 Broadway in Hewlett, into a 111,900-square-foot multi-story self-storage facility. Slated to open in late 2018 or early 2019, the new facility will feature approximately 2,116 climate-controlled storage units. Edward (Ted) Notz of Associated Bank’s commercial real estate division managed the loan and closing.
TROY, N.Y. — United Group of Companies Inc. has opened College Suites at Hudson Valley, a 268-bed student housing community located near Hudson Valley Community College in Troy, New York. The $24 million property offers two- and four-bedroom, fully furnished units. Shared amenities include a fitness center and bike storage, laundry facility, and computer studio, as well as study and lounge areas.
NEW YORK CITY — Case Real Estate Capital has funded a $16 million first mortgage loan secured by a commercial redevelopment site in the Flushing neighborhood of Queens. The borrower is Regent Medical Properties. The loan proceeds will be utilized to facilitate the acquisition of land and initiate pre-development work on the 20,803-square-foot site. The land parcel is slated for a 12-story medical office building with an ambulatory surgery center and street-level commercial space.