NEW YORK CITY — Madison Realty Capital has provided a $9 million loan for the acquisition and construction of a development site at 232 Smith St. in Brooklyn’s Boerum Hill neighborhood. The borrower, a local developer, plans to build a 15,000-square-foot, three-level retail building on the site. Construction on the pre-leased building is slated to start this fall with completion scheduled for summer 2016. A single retail tenant will occupy the entire property.
BUFFALO, N.Y. — Picone Construction has started renovation work on the Stanley M. Makowski Early Childhood Center, located at 1095 Jefferson Ave. in Buffalo. The renovation project includes select demolition, concrete and asphalt paving, doors, frames and hardware, acoustical ceiling panels, tile flooring, athletic flooring and tile carpeting. Additional renovations include painting, electrical, plumbing, gymnasium equipment, climbing wall system, playground equipment, and an artificial turf playground surfacing system. Construction is slated for completion by the end of September. Kideney Architects is providing architectural services for the project.
SYRACUSE, N.Y. — Red Capital Partners has provided a $36.5 million balance sheet acquisition loan to Investment360 for the purchase of James Square Health and Rehabilitation Centre in Syracuse. Excelerate Healthcare will operate the 440-bed skilled nursing facility as part of a long-term lease agreement with Investment360. Kathryn Burton Gray and James Scribner of Red Capital Partners arranged the financing for the borrower.
NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 29-31 Lexington Ave. in Brooklyn’s Clinton Hill neighborhood. Tomer Erlich, a local developer, purchased the site for $2.7 million, or $315 per buildable square foot. Plans call for a four-story, 10-unit building on the site with 11,308 gross square feet. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG represented the buyer and undisclosed seller in the transaction.
NEW YORK CITY — Capital One has completed the syndication of a $180 million senior loan for an office-to-multifamily conversion in Lower Manhattan. The borrowers, VANBARTON GROUP and Metro Loft Management, plan to convert the 508,000-square-foot tower at 180 Water St. into multifamily apartments. The redeveloped property will feature 360,000 square feet of residential space and 10,000 square feet of street-level retail space. Additionally, the redevelopment plans include increasing the property’s height to 29 stories. Redevelopment is slated to begin in July, with all residential units scheduled for delivery by the beginning of 2017. Capital One provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank, a joint lead arranger.
NEW YORK CITY — McSam Hotel Group plans to break ground this August on TownePlace Suites by Marriott at 324 W. 44th St. in New York City’s Times Square. Designed by Gene Kaufman Architect, the 44,500-square-foot hotel will feature 114 rooms in two seven-story wings connected by a landscaped courtyard. Hotel amenities will include a fitness center and meeting space. VLDG Inc. is designing the interiors of the hotel.
NEW YORK CITY — Meridian Capital Group has arranged a $35 million loan for the refinancing of the Windsor Tower of Tudor City Place, a residential property located at 5 Tudor City in Manhattan’s Midtown East neighborhood. The 30-year loan, provided by a life insurance company, features a 3.9 percent fixed rate and a 40-year amortization schedule. The residential tower features 795 units. Steven Geller and Nicoletta Pagnotta of Meridian Capital negotiated the financing for the borrower, Windsor Owners Cooperative.
NEW YORK CITY — Besen & Associates has brokered the sale of a commercial property located 124-22 Queens Blvd. in the Kew Gardens district of Queens. The property sold for $6.5 million, or $664 per existing square foot and $154 per buildable square foot. Built in 1948, the two-story building consists of two ground-floor retail spaces and two office spaces on the upper floor. The buyer plans to demolish the existing structure and construct a mixed-use development, including residential, retail and office space, on the site. Amit Doshi of Besen & Associates represented the seller, while Ronnie Shaban, also of Besen & Associates, represented the buyer in the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Silvershore Properties has sold a retail building located at 19 Howard St. in New York City’s Soho district. Ribo International Commerce LLC acquired the two-story 4,500-square-foot property for $9.6 million. The buyer plans to use the building, which was delivered vacant, for the first U.S. location of Taoray Wang, an upscale Chinese fashion company. Robert Burton of Cushman & Wakefield represented Silvershore Properties in the transaction.
NEW YORK CITY — JMC Holdings has completed the disposition of an office penthouse at 99 Hudson St. in Tribeca. LaSalle Investment Management acquired the three-story 34,724-square-foot property, which is fully leased to Unilever and New York City Regional Center, for $48 million. Renovated by JMC Holdings for $6.5 million, the property features efficient floor plates, 12-foor ceiling heights and unobstructed views of the Hudson River. Kevin Donner of Eastdil Secured represented the seller, while LaSalle Investment Management represented itself in the transaction.