NEW YORK CITY — Eastern Consolidated has arranged a debt and equity package totaling $121.3 million to finance the construction of a 45-story hotel at 140 W. 28th St. in the Chelsea section of Manhattan. The borrower is McSam Hotel Group, led by Sam Chang. The financing package includes a $97.5 million first mortgage with Bank of the Ozarks and a $23.8 million mezzanine construction loan from Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated secured the financing. The 178,000-square-foot, 526-room hotel will operate under two separate hotel flags under the Marriott brand — TownePlace Suites and Springhill Suites — with two separate lobbies and shared common spaces. Planned amenities include a continental breakfast service area, meeting space and an exercise room. The hotel is slated to open in 2019.
NEW YORK CITY — Ariel Property Advisors has secured financing and facilitated the sale of Grand Crossing Apartments, a two-building multifamily asset located at 208 and 212 W. 133rd St. in Central Harlem. An undisclosed buyer acquired the properties for $9 million. Ariel Property Advisors assisted the buyer’s acquisition of the asset by obtaining a $5.1 million non-recourse, fixed-rate acquisition loan. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Gillis of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal. The five-story property at 208 W. 133rd St. features 14,175 square feet and 15 apartments, while the 41,380-square-foot property at 212 W. 133rd St. features 40 apartments.
BROCKPORT, N.Y. — EMET Capital Management has acquired College Suites at Brockport, a 401-bed student housing community located at 4599 Redman Road in Brockport. Situated on 12 acres, College Suites at Brockport features 114 units in a mix of one-, two-, three- and four-bedroom fully furnished floorplans. On-site amenities include a fitness center, a game room, a business center, a 24-hour group study area and a complimentary shuttle service to campus. The property was completed in 2009. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Jordan Avanzato and Ryan McBride of HFF represented the undisclosed seller and procured the buyer in the transaction.
NEW YORK CITY — Radson Development has acquired a development site located at a surface parking lot at 2519-2525 Creston Ave. in the Bronx for an undisclosed price. The buyer plans to develop a 12-story affordable housing project on the site. As part of the transaction, Radson Development will return to the seller a condominium interest in a commercial parking garage at the property. The seller originally purchased the lot in the early 2000s as part of its acquisition of 2501 Grand Concourse, the former Alexander’s and Caldor Department stores. The building was successfully converted to a multi-tenanted retail and office building and the lot on Creston Street has become an invaluable asset to the tenants of the building. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes Realtors brokered the transaction. The name of the seller was not released.
NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.
NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.
NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …
NEW YORK — New York REIT has completed the previously announced disposition of 1440 Broadway in New York for a total of $520 million to an unaffiliated third party. The office property was encumbered by a $305 million mortgage loan, which was fully satisfied at closing. Separately, New York REIT has entered into three separate contracts to sell its properties located at 306 E. 61st St., One Jackson Square and 350 W. 42nd St. in New York City to third-party buyers for an aggregate amount of $103.1 million. In the aggregate, the three properties are encumbered by approximately $43.4 million of mortgage debt, which will be satisfied in full at the respective closings. The closings are expected to occur in early 2018.
NEW YORK CITY — Broad Street Development and Invesco have completed a $235 million recapitalization of 80 Broad Street, a 423,000-square-foot office tower located in Manhattan’s Financial District. The recapitalization comprises a $102 million first mortgage assumption, plus an additional $30 million mezzanine proceeds from AIG. Broad Street Development formed a joint venture with Atlanta-based Invesco for 80 Broad Street, transferring a controlling stake in the office tower for $235 million, or $550 per square foot. The partnership recapitalized the tower, taking out previous mezzanine lenders RXR Realty and Colony Capital. Adam Spies and Josh King of Cushman & Wakefield represented Broad Street in the recapitalization.
GREENBURGH, N.Y. — Capitol Seniors Housing has unveiled plans for Stonegate at Greenburgh, an assisted living and memory care community in the New York City suburb of Greenburgh. Northbridge Companies will operate the 101-unit property. Development costs are estimated at $35 million for the three-story, 90,651-square-foot community. Meyer Design of Ardmore, Pa., designed both the exterior and interior of the community, and will seek LEED designation. The property is located on the former site of Frank’s Nursery & Crafts, which was acquired by the town of Greenburgh in a 2011 tax foreclosure. The 6.9-acre community is scheduled to open in the first quarter of 2019. The community will be Capitol’s first in New York State. The Washington, D.C.-based, private equity-backed real estate acquisition, development and investment management firm has successfully acquired or developed more than 90 senior housing communities since its founding in 2003. The company has nine additional communities currently under construction in Maryland, Illinois and New Jersey.