New York

Whopper of a Deal: Burger King Owner Agrees to Buy Largest Franchisee for $1B

by Kristin Harlow January 17, 2024

TORONTO AND SYRACUSE, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to drive high-quality remodels, improve operations, enhance marketing and support ongoing technology and digital priorities. Burger King plans to remodel restaurants over the next five years by investing approximately $500 million of capital, funded by Carrols’ operating cash flow, to remodel roughly 600 acquired restaurants that are not currently considered “modern image.” Carrols will continue to operate the acquired restaurants in partnership with Burger King’s operations teams. Burger King ultimately plans to refranchise the vast majority of the portfolio to new or existing smaller franchise operators who live in their local communities. Following refranchising the acquired restaurants, which Burger King expects to be completed in five to seven years, Burger …

January 17, 2024

Leasing Activity New York Northeast Office

Paul Taylor Dance Signs 31,000 SF Office Lease in Midtown Manhattan

by Taylor Williams January 16, 2024

NEW YORK CITY — The Paul Taylor Dance Co. has signed a 31,000-square-foot office lease at 307 West 38th Street in Midtown Manhattan. The company will relocate and expand from a 13,000-square-foot space at 551 Grand St. to the entire ninth and 10th floors of the 21-story building in early 2025. Jeffrey Rosenblatt of Lincoln Property Co. represented the tenant in the lease negotiations. Peter Duncan, Matthew Coudert and Alexander Bermingham represented the landlord, George Comfort & Sons, on an internal basis.

January 16, 2024

Loans Multifamily New York Northeast

SCALE Lending Funds $46M Bridge Loan for Brooklyn Apartment Complex

by Taylor Williams January 15, 2024

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has funded a $46 million bridge loan for Arris Grand, a 113-unit apartment building located at 982-998 Fulton St. in Brooklyn’s Clinton Hill neighborhood. Completed late last year, the nine-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, rooftop terrace and lounges, as well as 7,154 square feet of street-level retail space. Fogarty Finger designed Arris Grand. The undisclosed borrower will use the proceeds to retire existing construction debt and fund costs of lease-up.

January 15, 2024

Industrial Loans New York Northeast

ERG Commercial Arranges $7.5M Loan for Refinancing of Staten Island Industrial Property

by Taylor Williams January 15, 2024

NEW YORK CITY — New York-based ERG Commercial has arranged a $7.5 million bridge loan for the refinancing of a vacant, 40,000-square-foot industrial property on Staten Island. The site at 501 Industry Road spans nine acres and was originally built in 1975, according to propertyshark.com. Ryan Lewis and Matthew Murphy of ERG Commercial arranged the loan. The direct lender and borrower were not disclosed.

January 15, 2024

Leasing Activity New York Northeast Office

DoorDash Signs 115,382 SF Office Lease Expansion at 200 Fifth Avenue in Manhattan

by Taylor Williams January 12, 2024

NEW YORK CITY — DoorDash has signed a 115,382-square-foot office lease expansion at 200 Fifth Avenue in Manhattan. The San Francisco-based online food delivery platform is expanding from a 57,691-square-foot space that it had previously subleased to the ninth floor of the 860,000-square-foot building. Bruce Mosler, Ethan Silverstein, Anthony LoPresti and Bianca Di Mauro of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP), in the lease negotiations. Adam Ardise and Greg Pickett, also with Cushman & Wakefield, represented DoorDash, which plans to take occupancy of the new space before the end of the year.

January 12, 2024

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing Top Stories

KeyBank Arranges $571.7M Financing Package for Affordable Seniors Housing Property in Rochester, New York

by Katie Sloan January 12, 2024

ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the first floor with elevated walkways throughout. Under an existing Housing Assistance Payment contract, 496 of the community’s apartments are reserved for residents earning up to 50 percent of the area median income (AMI), with 30 apartments set aside for those earning 60 percent or less of AMI. Renovations for the 557,602-square-foot community will include kitchen upgrades and bathroom refurbishment in each unit, and renovations to common areas including the lobby, community room, management office, maintenance shop and parking garage. The project will also include the addition of a community garden, seating and grilling area, bocce ball courts, fitness room, game room, reading nook, two community rooms, new mailboxes and a …

January 12, 2024

Loans Multifamily New York Northeast

Lightstone Receives $165.5M Agency Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams January 11, 2024

NEW YORK CITY — Locally based investment firm Lightstone has received a $165.5 million Freddie Mac loan for the refinancing of a 430-unit apartment community located at 365 Bond St. in the Gowanus neighborhood of Brooklyn. Built in 2016, the property features studio, one- and two-bedroom units, 40,000 square feet of amenity space and 30,000 square feet of open green space. Peter Rotchford, Michael Shmuely, Nicco Lupo, Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster of JLL originated the five-year, fixed-rate loan on behalf of Lightstone.

January 11, 2024

Hospitality Loans New York Northeast

Joint Venture Funds $64.5M Loan for Refinancing, Conversion of Queens Hotel

by Taylor Williams January 11, 2024

NEW YORK CITY — A joint venture between California-based Sabal Investment Holdings and global real estate companies Bsafal Inc. and Argo Real Estate has provided $64.5 million in financing for the 353-room LaGuardia Plaza Hotel in Queens. The borrower, Pennsylvania-based Synergy Hospitality Management, will use the proceeds to refinance existing debt and fund renovations to the guestrooms, common areas and amenity spaces. Moving forward, the hotel will be operated under the DoubleTree by Hilton brand. New Jersey-based intermediary Cronheim Mortgage arranged the loan.

January 11, 2024

Loans Multifamily New York Northeast

Dwight Mortgage Trust Provides $41.2M Bridge Loan for Brooklyn Apartment Building

by Taylor Williams January 11, 2024

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $41.2 million bridge loan for Amnia, a 73-unit apartment building in downtown Brooklyn. The newly constructed, 13-story building offers studio, one-, two- and three-bedroom units, with 22 apartments reserved as affordable housing. Amenities include a fitness center, game room, courtyard with a dog run and a rooftop lounge. Pinchas Vogel of Landstone Capital Group arranged the debt. The borrower, Bruklyn Builders Inc., will use the proceeds to retire construction debt and fund other costs of lease-up and stabilization.

January 11, 2024

Leasing Activity New York Northeast Office

JLL Negotiates 5,084 SF Office Lease in Manhattan’s Financial District

by Taylor Williams January 11, 2024

NEW YORK CITY — JLL has negotiated a 5,084-square-foot office lease at 76 Trinity Place, a 26-story building in Manhattan’s Financial District that was completed in 2022. The lease term is five years. John Wheeler, Andrew Coe and Margaux Kelleher of JLL represented the landlord, Trinity Church Wall Street, in the lease negotiations. Jeff Szczapa, Ed DiTolla and Finley Burger, also with JLL, represented the tenant, Boston-based financial technology company Lendbuzz.

January 11, 2024

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