New York

Ready Capital Closes Two Loans Totaling $12.3M in Brooklyn, West Deptford, New Jersey

by Amy Works December 15, 2016

NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.

December 15, 2016

Loans New York Northeast Retail

PCCP Provides $47.1M Loan for Development of 30,000 SF Retail Building in Manhattan

by Amy Works December 14, 2016

NEW YORK CITY — PCCP LLC has provided a $47.1 million senior loan to a joint venture between Onyx Equities and KBS Capital Advisors for the development of a retail building located at 210 W. 31st St. in Manhattan’s Penn Plaza submarket. Construction is expected to begin in mid-2017 on the two-story, 30,000-square-foot building, with completion slated for mid-2018. The joint venture is finalizing conceptual plans and drawings for the multi-tenant property.

December 14, 2016

Loans Multifamily New York Northeast Seniors Housing

NorthMarq Capital Secures $16M Refinance for Age-Restricted Apartments in New York

by Amy Works December 14, 2016

CROTON-ON-HUDSON, N.Y. — NorthMarq Capital has arranged $16 million in refinancing for Springvale Apartments, an age-restricted multifamily property located on Skytop Drive in Croton-on-Hudson. The property features 524 units for residents age 55 or older. The transaction was structured with a 15-year term on a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.

December 14, 2016

Connecticut Loans New York Northeast Office

Windsor Management Corp. Receives $58M in Financing for Four Office Properties in New York, Connecticut

by Amy Works December 14, 2016

NEW YORK CITY AND RYE, N.Y., AND SHELTON, CONN. — Windsor Management Corp. has received $58 million in four separate financing transactions for office properties in New York and Connecticut. In the first loan, the company received $25 million in refinancing for a 122,630-square-foot office building located at 37 W. 26th St. in Manhattan. The 98-percent occupied property is leased to The Flatiron Room, Hog Pit BBQ and Grey Bar on the ground floor and a variety of office tenants on the upper floors. In the second deal, Windsor received $8.5 million in refinancing for a 35,916-square-foot office building located at 256 W. 36th St. in Manhattan’s Garment District. The property is fully occupied by a variety of office tenants and a clothing retailer. In the third loan, the company received $16 million in acqusition financing for a 118,658-square-foot office building located at 411 Theodore Fremd Ave. in Rye. The property is fully occupied and leased to Acadia Realty Trust, Regis and USAlliance Financial, among other tenants. In the fourth transaction, Windsor received $8.5 million in refinancing for a 163,287-square-foot office property located on 16 acres in Shelton. The property was 92 percent leased at the time of the transaction. …

December 14, 2016

Multifamily New York Northeast

Toll Brothers, Gemdale Properties Partner to Develop 133-Unit Condo Building in Manhattan

by Amy Works December 13, 2016

NEW YORK CITY — Toll Brothers Inc. has partnered with Gemdale Properties and Investments, an affiliate of Gemdale Corp., to develop a luxury condominium property at 121 E. 22nd St. in Manhattan. Designed by the Office for Metropolitan Architecture, the two-tower property will feature 133 condominium units. The joint venture has secured a $237 million construction loan from a syndicate of five banks, including Bank of New York Mellon, Capital One, China Merchants Bank-New York, MUFG Union Bank and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house finance team. Additionally, Morrison & Foerster provided legal counsel to Gemdale in the joint venture.

December 13, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Secures $57.5M Acquisition Loan for Development Site in Queens

by Amy Works December 13, 2016

NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.

December 13, 2016

Multifamily New York Northeast

Capital District Real Estate Begins $1.8M Multifamily Conversion in Rensselaer, New York

by Amy Works December 13, 2016

RENSSELAER, N.Y. — Capital District Real Estate Investment Team has started the $1.8 million conversion of a vacant office building, located at 22 High St. in Rensselaer, into Falls Edge Apartments. Once completed the property will feature 12 new apartment units, each with pre-installed WiFi and Sonos home stereo systems, hallway security cameras, granite countertops and in-unit washer/dryers.

December 13, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Natixis Provides $75M Construction Loan for Mixed-Use Development in Brooklyn

by Amy Works December 12, 2016

NEW YORK CITY — Natixis has originated a $75 million construction loan for the development of 500 Metropolitan Avenue, a mixed-use project located at the corner of Keap Street and Metropolitan Avenue in Brooklyn’s Williamsburg neighborhood. The borrowers are Chetrit Group and Read Property Group. Once completed, the 14-story property will feature a 187-room luxury hotel on the second through seventh floors and 60 residential units on the remaining floors. Additionally, the property will feature a 15,000-square-foot retail space, a 158-space parking garage and 9,000 square feet of indoor meeting and banquet facilities. The financing was arranged by the New York office of Meridian Capital.

December 12, 2016

Multifamily New York Northeast

SDG Management Acquires 68,178 SF Multifamily Building in Manhattan for $18M

by Amy Works December 12, 2016

NEW YORK CITY — SDG Management has purchased a six-story multifamily building located at 66-72 Fort Washington Ave. in Manhattan’s Washington Heights neighborhood. David Katz sold the property for $18 million, or $264 per square foot. Built in 1920, the 68,178-square-foot building features 44 apartment units and a ground-floor commercial space. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.

December 12, 2016

New York Northeast Retail

Marcus & Millichap Negotiates Sale of 53,952 SF Self-Storage Facility in Carthage, New York

by Amy Works December 12, 2016

CARTHAGE, N.Y. — Marcus & Millichap has facilitated the sale of Carefree Storage, a 53,952-square-foot self-storage facility located at 10889 State Route 26 in Carthage. A private investor sold the property for an undisclosed price. Built in 1986, the property features 443 storage units, ranging in size from 50 square feet to 200 square feet. Michael Mele, Luke Elliot and Kevin Menendez of Marcus & Millichap represented the seller, while Mele and Elliott also represented the buyer, a private investor, in the deal.

December 12, 2016

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