NEW YORK CITY — A10 Capital has provided a $27 million bridge loan for the refinancing of a retail and multifamily property located in Manhattan’s SoHo district. The five-story, 14,500-square-foot property features ground-floor retail space, which is leased to a brand name national clothing line, and four loft-style 2,500-square-foot apartments on the upper floors. The two-year, floating rate bridge loan refinanced the undisclosed borrower’s existing $23.5 million loan and provided an additional $2 million in proceeds to the borrower at closing. Cary Pollack and Judah Neuman of Meridian Capital Group arranged the financing for the borrower.
NEW YORK CITY — Hilton Hotels & Resorts has opened Hilton Brooklyn New York, a 196-key hotel located at 140 Schermerhorn St. in Brooklyn’s Boerum Hill neighborhood. Designed by Stonehill & Taylor, the 19-story hotel features 2,300 square feet of function space, accommodating up to 140 attendees for meetings and social events, a 24-hour fitness center, a business center, grab-and-go pantry and concierge services. The hotel is owned by Flank and managed by Urgo Hotels & Resorts.
NEW YORK CITY — Nike Inc. has signed a 15-year lease for retail space at 650 Fifth Ave. in New York City’s Plaza District from landlord SL Green Realty Corp. and partner Jeff Sutton. The retailer will occupy 69,214 square feet, covering seven floors, which is the entire retail component of the 36-story office building. According to the New York Post, the transaction is valued at more than $700 million across the lease’s 15-year term.
NEW ROCHELLE, N.Y. — RXR Realty, Brause Realty and ABS Partners have broken ground on 587 Main Street, a mixed-use development located in downtown New Rochelle. The 28-story building will comprise 280 rental units, 28 of which will be affordable; 10,000 square feet of arts and cultural space; 17,000 square feet of commercial space; and 234 on-site parking spaces. Leasing is expected to begin in the fourth quarter of 2018.
NEW YORK CITY — A partnership between Quadrum Global, Simon Baron Development, Eagle Point Hotel Partners and KSNY has opened Arlo NoMad, a hotel located at 11 E. 31st St. in Manhattan’s NoMad neighborhood. The 250-key hotel features self-check-in/check-out kiosks, complimentary WiFi, bedside USB charging stations, music lounges, rooftop terrace and patios. This is the second Arlo hotel that Quadrum has opened in New York City.
OAKDALE AND BROOKHAVEN, N.Y. — Dowling College has filed for Chapter 11 bankruptcy protection, and has retained A&G Realty Partners and Madison Hawk to manage the sale of two campuses formerly occupied by the university in Oakdale and Brookhaven. Dowling plans to sell the campuses through two separate, sealed bids as part of its bankruptcy filing. The partnership is currently accepting bids for the university’s 25-acre, waterfront campus in Oakdale. The campus includes over 200,000 square feet of space in six educational, administrative and student housing buildings, including the former W.K. Vanderbilt Estate. The 101-acre Brookhaven campus will be offered for sale in the first quarter of 2017. The property was home to the college’s aviation program, and includes a state-of-the-art athletic complex, a two-story, 65,000-square-foot building and a 10,000-square-foot airplane hangar with runway access to Brookhaven Airport. RSR Consulting is managing the dissolution of the Dowling College estate.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a land site located at 88 Withers St. in Brooklyn’s Williamsburg neighborhood. BK Developers and RYBAK Development acquired the site from Withers 88 Group LLC for $11.5 million, or $340 per buildable square foot. The corner site was purchased with approved plans for a 39,000-square-foot building comprising 33 residential units and a ground-floor retail unit. The residential portion will include three three-bedroom units, 14 two-bedroom apartments, eight one-bedroom units and eight studio apartments. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.
NORTH HILLS, N.Y. — ACORE Capital has provided $156 million in construction financing for Phase II of The Ritz-Carlton Residences, Long Island, North Hills, located 20 miles east of Midtown Manhattan on Long Island’s North Shore. Mike Tepedino, Michael Gigliotti and Geoff Goldstein of HFF worked on behalf of RXR Realty LLC to place the construction loan with ACORE Capital. HFF previously secured construction financing on the borrower’s behalf for the first phase of the condominium project in 2013, which is now more than 90 percent sold. The first 120-unit phase of the property was recently completed, and offers two- and three-bedroom units. The second phase of the project will consist of an additional 120 units totaling approximately 270,211 square feet. Each unit will have a minimum of two indoor parking spaces available. Community amenities include indoor and outdoor swimming pools, a fitness center and yoga studio, resident lounge, private reception rooms, boardroom, billiards room, coffee and espresso bar, and movie theater. The Ritz-Carlton Hotel Company manages the property and offers the full array of Ritz-Carlton’s services, including concierge, doormen, porters and membership in The Ritz-Carlton’s worldwide reservations network. The community also offers a number of a-la-carte services such as housekeeping, …
NEW YORK CITY — Greystone Development has secured $42 million in total financing for the renovation of a landmark Beaux-Arts building located at 164 W. 74th St. in Manhattan’s Upper West Side. An institutional lender provided $32.5 million in construction financing, while Black Bear Asset Management provided $9.5 million in preferred equity for the project. Greystone is developing the project in a joint venture with Prime Rok Real Estate. The residential condominium renovation includes a 30,000-square-foot build-out across the eight-story building. Architect Barry Rice and Winter McDermott Design have designed the transformation of the property.
VALHALLA, N.Y. — Monticello Asset Management has arranged a $20.3 million refinancing for a skilled nursing facility in the New York City suburb of Valhalla. An investment vehicle associated with Monticello provided the bridge-to-HUD loan. The borrower is the owner-operator of the facility. The name of facility was not disclosed; the property features 88 rooms with a total of 160 licensed beds. The property also provides physical therapy, occupational therapy, speech therapy, subacute care, orthopedic rehabilitation, wound care and memory care services.