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620-Avenue-of-the-Americas
New YorkNortheastOfficeRetail

RXR Recapitalizes 500,000 SF Office, Retail Building in Manhattan

by Taylor Williams

NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property.  Additional terms of the transaction were not disclosed.

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LoansMultifamilyNortheastPennsylvaniaStudent Housing

BridgeInvest Provides $54.3M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams

PHILADELPHIA — BridgeInvest has provided a $54.3 million loan for the refinancing of The Avery, a 796-bed student housing property in Philadelphia. The Avery, which serves students at Temple University, features one- and two-bedroom units and amenities such as a fitness center, community kitchen, lounge areas, game rooms and study spaces. The property also houses 5,900 square feet of ground-floor retail space. The undisclosed sponsor acquired The Avery in 2021 and implemented capital improvements and rebranded it from The Edge.

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HealthcareLoansNew JerseyNortheastRetail

G.S. Wilcox Arranges $26.2M Loan for Refinancing of Northern New Jersey Retail, Healthcare Property

by Taylor Williams

HOBOKEN, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 48,268-square-foot retail and healthcare property in the Northern New Jersey community of Hoboken. The property was fully leased at the time of the loan closing to a pharmacy, bank and a primary care provider. David Fryer of G.S. Wilcox arranged the loan, which carried a seven-year term with full-term interest-only payments, through an undisclosed life insurance company. The name of the borrower was also not disclosed.

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LoansNew YorkNortheastOffice

Cushman & Wakefield Places $24M Acquisition Loan for Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has placed a $24 million acquisition loan for The Plant, a 246,343-square-foot office building located at 321 W. 44th St. in Midtown Manhattan. The building was 56 percent leased at the time of the loan closing to tenants such as Broadway Dance Center, TagWall, AKA NYC Limited, Sony Records and Sunlight Studios. Chase Johnson and Caleb Riebe of Cushman & Wakefield originated the debt through an undisclosed life insurance company. The name of the borrower was also not disclosed.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 99-Unit Multifamily Property in Shelton, Connecticut

by Taylor Williams

SHELTON, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Huntington Townhomes, a 99-unit multifamily property in Shelton, located in southern coastal Connecticut. Built on seven acres in 2008, the property features 86 townhomes and 13 two- and three-bedroom apartments with an average size of 1,414 square feet. Amenities include a pool, fitness center and outdoor grilling and dining stations. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Inland Private Capital Corp., and the buyer, Beachwold Residential, in the transaction.

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The-Axel-Brooklyn
MultifamilyNew YorkNortheast

Hope Street Capital Completes $300M Recapitalization of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — New York City-based developer Hope Street Capital has completed the $300 million recapitalization of The Axel, a 284-unit apartment building in Brooklyn. Specific transaction details were not disclosed, but MF1 Capital, which provided a $204 million loan for the refinancing of the property in November 2022, remains the primary lender, and alternative investment management firm Alpaca Real Estate has now contributed preferred equity to the capital stack. Morris Adjmi Architects designed The Axel, which rises 29 stories and is situated adjacent to Barclays Center at the confluence of Brooklyn’s Fort Greene, Clinton Hill and Prospect Heights neighborhoods. Units come in one-, two- and three-bedroom floor plans. Amenities include a full-floor club level with conference rooms; a game lounge and terrace; a fitness center with a terrace; dedicated yoga and Pilates studios; a dining and entertaining room with a terrace; a golf and sports simulator; a saltwater pool with sun deck; a sky park; an outdoor kitchen and barbecue area; and a rooftop terrace. The Axel is currently 97 percent occupied.

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LoansNew JerseyNortheastRetail

Cronheim Mortgage Arranges Loan for Refinancing of Hoboken Retail Property

by Taylor Williams

HOBOKEN, N.J. — Locally based intermediary Cronheim Mortgage has arranged a $1.6 million loan for the refinancing of 40 Hudson Place. The property, the square footage of which was not disclosed, was originally constructed in 1935 and was fully leased at the time of the loan closing to two tenants: Dunkin’ and Pump Pilates. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carried both a term and an amortization schedule of 25 years, through an undisclosed, Oregon-based life insurance company. The name of the borrower was also not disclosed.

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LoansMultifamilyNew YorkNortheastSeniors Housing

M&T Realty Capital Provides $18.7M Permanent Agency Loan for Bronx Affordable Seniors Housing Property

by Taylor Williams

NEW YORK CITY — M&T Realty Capital Corp. has provided an $18.7 million Freddie Mac permanent loan for The Louella, an 85-unit affordable seniors housing property in the Fordham Heights neighborhood of The Bronx. The newly built, age-restricted property offers studio, one-, and two-bedroom units. The amenity package comprises onsite laundry facilities, a community room, bike storage space, fitness center and an outdoor recreational area. Sean Cullen of M&T originated the loan through Freddie Mac’s Forward Commitment 9 Percent LIHTC program. The borrower was The Community Builders. Information on specific income and age restrictions was not disclosed.

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DevelopmentMultifamilyNew JerseyNortheast

Walters Underway on 67-Unit Multifamily Restoration Project in Brick, New Jersey

by Taylor Williams

BRICK, N.J. — New Jersey-based developer Walters is underway on Osborn Dunes at South Mantoloking, a 67-unit multifamily restoration project in the coastal community of Brick. Situated on a three-acre barrier island between Mantoloking and Normandy Beach, Osborn Dunes, formerly known as Camp Osborn, was once a small enclave of beachfront bungalows before being destroyed by Superstorm Sandy in 2012. The restoration of the site will feature 67 duplex apartments with an average size of 1,033 square feet, with work on about half of the residences now finished. Full completion is slated for Memorial Day 2025.

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Leasing ActivityNew YorkNortheastOffice

Harvey Signs 17,050 SF Office Lease Expansion in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Harvey, a San Francisco-based generative AI platform, has signed a 17,050-square-foot office lease expansion in Midtown Manhattan. The space spans the entire seventh floor of 315 Park Avenue S., a 20-story building in the Flatiron District, and complements Harvey’s original 17,050-square-foot lease that was inked this summer.  Todd Stracci, Hugh Scott and Jack Nelson of JLL represented the tenant in the lease negotiations. David Falk, Peter Shimkin and Jonathan Fanuzzi of Newmark, along with internal agents Maria Blake and Ted Koltis, represented the landlord, Columbia Property Trust.

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