NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.
FREEHOLD, N.J. — Freehold-based UMH Properties has acquired five manufactured home communities located in Pennsylvania for a total purchase price of $22.8 million. The portfolio consists of three all-age communities and two age-restricted communities with a total of 643 developed home sites. The portfolio is situated on approximately 141 acres, with a weighted-average occupancy rate of 72 percent. With this acquisition, UMH now owns and operates 112 manufactured home communities with 20,000 developed home sites throughout New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.
NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …
NEW HAVEN, CONN. — Fischer Commercial Real Estate has arranged the sale of an industrial property located at 300 East St. in New Haven. Space Craft Holdings sold the property to 300 East Street LLC, a title-holding entity whose members are the owners of New Haven-based Luckey Climbers, for $1.5 million. Situated on 2.3 acres, the property features 27,238 square feet of space. Luckey Climbers is a bespoke design-build firm specializing in creating unique and imaginative three-dimensional climbing structures for children-oriented institutional and commercial clients. The firm plans to relocate its manufacturing and executive offices from Chapel Street in New Haven to the new property. Alan Fischer of Fischer Commercial Real Estate represented the seller and buyer in the off-market transaction.
Retail inventory in Southern New Hampshire totaled 29.8 million square feet in 2017, a modest decline of 59,400 square feet, or 0.2 percent, largely due to retail demolitions and conversions to non-retail space, including auto dealerships, office, and residential. Some former retailer spaces that have been demolished include the 17,800-square-foot Grenon Trading Co. in Bedford, the 10,700-square-foot New Hampshire Liquor & Wine Outlet in Salem, and the 8,400-square-foot Weathervane Restaurant in Salem. The big story in the market is the notable decline in vacancy. Several retailers absorbed large vacancies, reducing unoccupied space by more than 400,000 square feet, and cutting the vacancy rate from 10.5 percent in 2016 to the current level of 9.1 percent. Larger retailers who filled vacant space include Chunky’s Cinema in Manchester, which opened in a portion of the former Lowe’s store; Hobby Lobby in Nashua, filling a vacant Market Basket at Somerset Plaza; and Ocean State Job Lot in Seabrook, which opened in the former Walmart at Southgate Shopping Center. As a result of relatively stable inventory and considerable decline in vacancy, the region finished the year with positive net absorption of 352,400 square feet. There’s been no change in the top 10 largest regional …
NEW YORK — New York REIT has completed the previously announced disposition of 1440 Broadway in New York for a total of $520 million to an unaffiliated third party. The office property was encumbered by a $305 million mortgage loan, which was fully satisfied at closing. Separately, New York REIT has entered into three separate contracts to sell its properties located at 306 E. 61st St., One Jackson Square and 350 W. 42nd St. in New York City to third-party buyers for an aggregate amount of $103.1 million. In the aggregate, the three properties are encumbered by approximately $43.4 million of mortgage debt, which will be satisfied in full at the respective closings. The closings are expected to occur in early 2018.
NEW YORK CITY — Broad Street Development and Invesco have completed a $235 million recapitalization of 80 Broad Street, a 423,000-square-foot office tower located in Manhattan’s Financial District. The recapitalization comprises a $102 million first mortgage assumption, plus an additional $30 million mezzanine proceeds from AIG. Broad Street Development formed a joint venture with Atlanta-based Invesco for 80 Broad Street, transferring a controlling stake in the office tower for $235 million, or $550 per square foot. The partnership recapitalized the tower, taking out previous mezzanine lenders RXR Realty and Colony Capital. Adam Spies and Josh King of Cushman & Wakefield represented Broad Street in the recapitalization.
GREENBURGH, N.Y. — Capitol Seniors Housing has unveiled plans for Stonegate at Greenburgh, an assisted living and memory care community in the New York City suburb of Greenburgh. Northbridge Companies will operate the 101-unit property. Development costs are estimated at $35 million for the three-story, 90,651-square-foot community. Meyer Design of Ardmore, Pa., designed both the exterior and interior of the community, and will seek LEED designation. The property is located on the former site of Frank’s Nursery & Crafts, which was acquired by the town of Greenburgh in a 2011 tax foreclosure. The 6.9-acre community is scheduled to open in the first quarter of 2019. The community will be Capitol’s first in New York State. The Washington, D.C.-based, private equity-backed real estate acquisition, development and investment management firm has successfully acquired or developed more than 90 senior housing communities since its founding in 2003. The company has nine additional communities currently under construction in Maryland, Illinois and New Jersey.
PORTLAND, MAINE — Cardente Real Estate has arranged the sale of a restaurant property located at 476 Stevens Ave. in Portland. Rock Properties sold the property to 476 Stevens Ave LLC for $1.1 million. Siano’s Pizzeria formerly occupied the 4,091-square-foot restaurant building. Cheri Bonawitz of Cardente Real Estate represented the seller, while Mike Anderson of Malone Commercial Brokers represented the buyer in the deal.
ELMWOOD PARK, N.J. — NAI James E. Hanson has brokered the sale of an industrial/flex building located at 20 Bushes Lane in Elmwood Park. RH Foster Associates sold the 15,700-square-foot property to 20 Bushes Lane LLC for an undisclosed price. Renovated in 2015, the property features two loading docks with heavy lift levelers and ample parking. The buyer plans to use the property to manufacture valves and regulators. Joshua Levering and Nicholas DePaolera of NAI Hanson represented the seller, while Andrew Somple, also of NAI Hanson, represented the buyer in the deal.