NEW YORK CITY — Locally based owner-operator The Altmark Group has received a $96 million loan for the refinancing of The Motto, a 24-story apartment building located in the Mott Haven area of The Bronx. Designed by Woods Bagot, The Motto offers 264 units, 80 of which are reserved as affordable housing, in studio, one- and two-bedroom floor plans. Amenities include coworking lounges, a resident sky lounge, rooftop terrace with barbecue grills and fire pits and a fitness center. Brad Domenico, Gideon Gil, Jack Subers and Frank Stanislaski of Cushman & Wakefield arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of The Altmark Group.
NEW YORK CITY — PCCP LLC has provided a $65 million loan for the refinancing of Pearson Court Square, a 197-unit apartment complex in the Long Island City area of Queens. Built in 2014, the transit-served property offers studio, one- and two-bedroom units and amenities such as a resident lounge, coworking space, rooftop sky deck and an outdoor basketball court. The borrower was an affiliate of L+M Development Partners. Pearson Court Square was roughly 98 percent occupied at the time of the loan closing.
NEW YORK CITY — A joint venture between Namdar Realty and Klosed Properties has acquired a retail and parking condo located at 85 Jay St. in the Dumbo area of Brooklyn for $54 million. The retail component totals 128,410 square feet, and the space is located beneath Front & York, a 21-story, 727-unit residential building. The retail space was 84 percent leased at the time of sale to tenants such as CVS, Devoción, Petit Poussins and Lazy Sundaes. Daniel O’Brien of Newmark brokered the deal. The seller was CIM Group. Max Ralby and Jordan Roeschlaub, also with Newmark, arranged $41.3 million in acquisition financing for the deal through Blue Owl Capital.
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $155 million bridge loan for the refinancing of 261 & 315 Grand Concourse, a multifamily property in The Bronx. The newly developed, adjacent multifamily buildings house a total of 405 units: 261 Grand Concourse has 283 market-rate units, and 315 Grand Concourse has 122 affordable housing units. Residences are furnished with marble bathroom countertops, ceramic tiling and stainless steel appliances, and amenities include a fitness center, coworking space, resident lounge and outdoor terraces. Pinchas Vogel of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group.
NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.
NEW YORK CITY — Rabin & Partners LLP has signed a 10,881-square-foot office lease renewal in Midtown Manhattan. The family law firm will remain a tenant at 11 Times Square, a 40-story, 1.1 million-square-foot building located at the corner of Eighth Avenue and 42nd Steet. Sam Seiler of CBRE represented the tenant in the lease negotiations. SJP Properties owns 11 Times Square.
NEW YORK CITY — A partnership between The Domain Cos., LMXD, which is an affiliate of L&M Cos., and Park Tower Group will develop three apartment buildings totaling roughly 1,000 units in the Greenpoint area of Brooklyn. The project, which will include 300 affordable housing units and 20,000 square feet of retail space, will be part of Greenpoint Landing, a 22-acre waterfront development that will ultimately have 5,500 residential units. Handel Architects is designing the project, and Field Operations is handling landscape design. Bank OZK provided the partnership an $81 million senior loan for the acquisition of the land, and InterVest Capital Partners provided $33 million in mezzanine financing, as well as a structured equity solution for acquisition and pre-development costs. Christopher Peck, Nicco Lupo, Rob Hinckley, Scott Aiese and Jonathan Faxon of JLL arranged the financing. Vertical construction is expected to begin next summer.
CLIFTON PARK, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have co-arranged the $82.4 million sale of Foxrun Apartments and North Pointe Apartments, two multifamily properties in the upstate New York community of Clifton Park. Spanning 41 acres, Foxrun Apartments offers 468 units. Spanning 12 acres, North Pointe Apartments totals 198 units. Affiliates of The Solomon Organization sold the properties to Merion Realty Partners, which partnered with Eastham Capital on the deal. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield, alongside Jonathan Weinstein, Robert Stewart and Joseph Mahoney of Pyramid Brokerage Co. represented both parties in the transaction. Both properties were more than 90 percent occupied at the time of sale.
NEW YORK CITY — Pickleball concept CityPickle will open a 37,000-square-foot venue at 1501 Broadway in the Times Square area of Midtown Manhattan. The space will be located on the eighth floor of the 885,000-square-foot tower, which is known locally as the Paramount Building due to its original construction as the home of Paramount Pictures. The venue will feature seven courts, a bar and restaurant, lounge and event space and locker rooms. The space will also serve as CityPickle’s new corporate headquarters office. The opening is scheduled for the fall.
NEW YORK CITY — Apparel retailer GMA Accessories has signed a 23,698-square-foot office lease extension in Midtown Manhattan. The lease term is approximately 12 years, and the space spans the seventh and 10th floors at 389 Fifth Avenue, a 12-story building that was originally constructed in 1922. Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen Family, in the lease negotiations on an internal basis. Michael Joseph of Colliers represented the tenant.