ITHACA, N.Y. — Largo Capital, a financial intermediary based in the Buffalo area, has arranged a $40.5 million loan for the refinancing of a 64,500-square-foot medical office building in downtown Ithaca. The newly developed building is located on the Cayuga Park healthcare campus and houses a walk-in clinic, specialized care for complex illnesses, diagnostic imaging facility, outpatient clinic and a comprehensive women’s health center. Ned Perlman of Largo Capital arranged the debt. The borrower and direct lender were not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.2 million sale of a 27,000-square-foot warehouse located in the Mount Eden area of The Bronx that was originally built in 1920, according to propertyshark.com. The site at 1419 Inwood Ave. can support up to 87,000 square feet of development. Jason Gold and Daniel Mahfar of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided $100 million in bridge financing for a 168-unit apartment building located at 224 W. 124th St. in West Harlem. The 19-story building was completed earlier this year and offers one-, two- and three-bedroom units, as well as townhomes and penthouse suites. Roughly 30 percent (51) of the residences are reserved as affordable housing. Amenities include a fitness center, children’s playroom, business lounge and a rooftop deck. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures.
HOLBROOK, N.Y. — Regency Centers has begun the redevelopment of the 280,000-square-foot former SunVet Mall in the Long Island community of Holbrook. Regency has rebranded the 50-year-old property as The Shops at SunVet and plans to reposition it as a 168,000-square-foot, open-air shopping center with six outparcels. Whole Foods Market will anchor the center. Demolition of the existing structure is underway, and new construction is scheduled to begin in spring 2024. SBLM Architects is the lead architect on the project.
MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai. Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations. Aron Will, John Sweeny and Scott Bray of CBRE represented B2K Development and its partner, Chicago-based Harrison Street, in the transaction and procured the buyer, New York-based Fairfield Properties. A CBRE team of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan arranged Freddie Mac acquisition financing for the deal.
NEW YORK CITY — Marcus & Millichap has brokered the $48 million sale of Fannwood Estates, a 312-unit apartment complex in Queens. The six-story, rent-stabilized building occupies a full city block within the borough’s Rego Park neighborhood. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
NEW YORK CITY — Dallas-based JSC Realty & Investment Services has purchased a multifamily development site in Brooklyn’s Boerum Hill neighborhood with plans to construct a 154-unit project. The 113,000-square-foot site at 540 Atlantic Ave. currently houses a five-story office building that was originally constructed in 1924 and will be demolished. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford of JLL represented the seller, locally based firm DMA Associates, in the land sale. A construction timeline for the project was not disclosed.
DEPEW, N.Y. — Locally based financial intermediary Largo Capital has arranged a $10.5 million loan for the refinancing of a 70-unit multifamily property in Depew, an eastern suburb of Buffalo. Units at the newly developed property, the name of which was not disclosed, feature stainless steel appliances, quartz countertops and modern finishes. Kevin Coscia led the Largo Capital team in the debt placement. The direct lender and borrower were also not disclosed.
NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has topped out The Italic, a 50-story apartment building located at 26-32 Jackson Ave. in the Long Island City area of Queens. Designed by SLCE Architects and built by Hunter Roberts, the building will ultimately house a mix of 365 market-rate and affordable units. Information on floor plans and amenities, as well as a tentative completion date, was not disclosed.
NEW ROCHELLE, N.Y. — Cappelli Development Co. has begun leasing Encore, a 241-unit apartment building in New Rochelle, a northern suburb of New York City. The 28-story building offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, children’s playroom, multi-sport simulator, coworking lounge and a catering kitchen. Rents start at roughly $1,900 per month for a studio apartment.