New York

Adam Gordon Holdings, Tavros Development Complete Eight-Unit Condo Building in Manhattan

by Amy Works November 8, 2016

NEW YORK CITY — Adam Gordon Holdings and Tavros Development have completed 560 West 24th, a for-sale condominium building located at 560 W. 24th St. in Manhattan’s West Chelsea neighborhood. Designed by Montroy Andersen DeMarco and Steven Harris Architects, the 11-story, 40,000-square-foot building features six 3,200-square-foot, four-bedroom residences and two duplex penthouses. The residential units range from 3,200 to 6,000 square feet and feature outdoor spaces, including balconies and large terraces in the duplexes. Additionally, the ground floor features a lobby and the main exhibit floor of C24 Gallery, a two-story, 4,500-square-foot art gallery space.

November 8, 2016

Hospitality New York Northeast

McSam Hotel Group Breaks Ground on 518-Room Hyatt Place in Manhattan

by Amy Works November 7, 2016

NEW YORK CITY — McSam Hotel Group has broken ground for a 25-story Hyatt Place located in Manhattan’s Garment District/Times Square. Designed by Gene Kaufman Architect, the 180,000-square-foot hotel will feature 518 guest rooms and approximately 7,000 square feet of dining and lounge space, including an indoor restaurant, backyard eatery, bar/lounge, fitness center, business center and meeting space. VLDG Inc. is designing the interiors of the hotel.

November 7, 2016

Loans New York Northeast Office

Newmark Holdings Receives $9.6M in Refinancing for Two Office Buildings in NYC

by Amy Works November 7, 2016

NEW YORK CITY — Newmark Holdings has received a $9.6 million refinancing loan for two office buildings in New York City. Signature Bank provided the loan, which features a fixed rate for seven years. Totaling 56,000 square feet, the fully occupied buildings are located at 416-422 W. 45th St.

November 7, 2016

Industrial New York Northeast Office

Rubenstein Partners, Heritage Equity Breaks Ground for 500,000 SF Office/Industrial Property in Brooklyn

by Amy Works November 4, 2016

NEW YORK CITY — Rubenstein Partners and Heritage Equity Group have broken ground for 25 Kent Avenue, an office and industrial property located in Brooklyn’s Williamsburg neighborhood. The eight-story, 500,000-square-foot property will occupy an entire block adjacent to the East River waterfront. The development, which received $197 million in construction financing in August, is designed for the city’s creative and tech sectors and will offer modern office and production space tailored to tenants’ needs. Wells Fargo Bank and Natixis Real Estate Capital provided the loan for the project.

November 4, 2016

Loans New York Northeast Office

Versant Arranges $50M Recapitalization of Addison Corporate Center in Windsor, Connecticut

by Amy Works November 3, 2016

WINDSOR, CONN. — Versant Commercial Brokerage has arranged a $50 million recapitalization for Addison Corporate Center, a 605,000-square-foot office complex located in Windsor. The firm assisted the tenant-in-common (TIC) investors by originating the new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors that need to exit, and roll up the TIC investors into a limited liability company. Additionally, a portion of the proceeds will fund tenant improvements, leasing commissions and property upgrades. The new sponsor for the property is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. Tenants at the complex include Triumph Group, Belcan Engineering Group, Quest, General Electric and Sun Life Financial. Ethan Schelin of Landmark Capital Advisors assisted with the capital raise.

November 3, 2016

Loans New York Northeast Office

Madison Realty Capital Provides $15M Acquisition Loan for Office Building in White Plains, New York

by Amy Works November 3, 2016

WHITE PLAINS, N.Y. — Madison Realty Capital has provided a $15 million loan for the acquisition of an office building located at 440 Hamilton Ave. in White Plains. The undisclosed borrower is acquiring the property from AT&T, the original builder and a current tenant, and is considering options for the property, including a possible conversion to residential use. Situated on 3.2 acres, the 12-story building offers 337,900 square feet of Class B office space.

November 3, 2016

Multifamily New York Northeast Seniors Housing

HANAC Breaks Ground for 68-Unit Affordable Seniors Housing Building in Queens

by Amy Works November 3, 2016

NEW YORK CITY — Working with Enterprise Community Partners Inc. and LiveOn NY, Hellenic American Neighborhood Action Committee (HANAC) has broken ground for HANAC’s Corona Senior Residence, an affordable seniors housing building located at 54-17 101st St in the Corona section of Queens. Designed by think! Architecture and Design, the 68-unit property will feature 21 units reserved for vulnerable seniors and all units, except for the superintendent’s unit, will be income-restricted. Bruno Frustaci Contracting Inc. is constructing the building, which is slated for completion in spring 2018. The building will meet New York State Energy Research & Development Authority Multifamily Performance Standards for Energy Star certification and Enterprise Green Communities Criteria. Additionally, the property will be the first seniors housing development in the country to meet the Passive House Institute design standards.

November 3, 2016

Loans New York Northeast Office

Cronheim Mortgage Secures $9.4M Loan for Two Office Buildings in Manhattan

by Amy Works November 3, 2016

NEW YORK CITY — Cronheim Mortgage has secured $9.4 million in financing for two 12-story office buildings with ground-floor retail space located at 147 W. 25th St and 130 W. 29th St. in Manhattan’s Chelsea neighborhood. The new buildings, offering 45,500 and 48,000 square feet, are currently being renovated and repositioned to accommodate higher grade users. Meyer Equities manages the properties. Dev Morris, Andrew Stewart and Allison Moravec of Cronheim Mortgage arranged the financing.

November 3, 2016

Connecticut Loans Massachusetts New Hampshire New York Northeast Pennsylvania Retail Rhode Island

HFF Arranges Financing for a Portfolio of 154 Northeast Convenience/Gas Station Sites

by Amy Works November 2, 2016

DALLAS — The Dallas office of HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the Northeast. The loan was provided by a consortium of lenders led by Capital One and BMO Harris. Andy Scott and Michael George of HFF’s Dallas office arranged the five-year, floating rate acquisition financing with 18 months of interest-only payments for the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital-Real Estate. The portfolio comprises 88 sites in New York, 45 sites in Massachusetts, 11 sites in Connecticut, seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania. All properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group. The amount of the loan was not released.

November 2, 2016

Multifamily New York Northeast

Midwood Investment Launches Leasing at 82-Unit Apartment Development in Brooklyn

by Amy Works November 2, 2016

NEW YORK CITY — Midwood Investment & Development has launched leasing for The Williams, a 13-story rental residential property located at 282 S. Fifth St. in Brooklyn’s South Williamsburg neighborhood. Designed by Morris Adjmi Architects, the property features 82 units in a mix of studio, one- and two-bedroom layouts, an attended lobby, a lounge with billiards and conference room, a fitness center and yoga room, children’s playroom, laundry facilities, bicycle and stroller storage, and an indoor pet spa. The property also offers a garden terrace with café lounge seating, walkways, grassy areas and a dog run, and a second rooftop terrace with barbecue areas, fire pit, lounge area and an outdoor shower. Additionally, the property features storage lockers, vegetable garden plots and on-site parking for an additional fee. The development is Midwood’s first ground-up residential development in Brooklyn.

November 2, 2016

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