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.
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.
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.
NEW YORK CITY — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Dechert LLP advised Bank of America and Wells Fargo on the transaction. Rockefeller Center was originally developed in the 1920s and comprises more than a dozen buildings across 22 acres between 48th and 51st streets. The campus features office, retail, restaurant and entertainment space, as well as a 24,000-square-foot park atop Radio City Music Hall. Tishman Speyer is currently nearing completion of a redevelopment of the property. The office component of Rockefeller Center is currently 93 percent leased to global occupiers such as Deloitte, Lazard, Christie’s, Simon & Schuster and J.P. Morgan Chase. Retail and entertainment users include LEGO, Banana Republic, Anthropologie, Michael Kors, Catbird, FAO Schwarz and Nintendo. The lineup of …
NEW YORK CITY — Bloomberg LP has signed a 924,876-square-foot office lease extension and expansion at 919 Third Avenue in Manhattan. The deal will see the business media and publishing giant retain its 749,035-square-foot space that covers floors two through 18 and floors 28 through 33. The original lease for that portion of the building expires in 2029, and the new extension runs through 2040. In addition, Bloomberg will expand its footprint within the building by 175,841 square feet via a new 15-year lease covering a portion of the 34th floor and the entire floors on levels 35 and 41 through 44. SL Green owns 919 Third Avenue, which rises 47 stories and spans 1.5 million square feet. The building was originally completed in 1970 and recently underwent a capital improvement program. Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callahan, Alex D’Amario and Nicole Marshall of CBRE represented SL Green in the lease negotiations. Howard Fiddle, Chris Mansfield, Zach Weil and Ryan Luck, also with CBRE, represented Bloomberg, which also recently extended its office lease at 731 Lexington Avenue through 2040.
LINDEN, N.J. — SRS Real Estate Partners has negotiated the $14.3 million sale of a 41,000-square-foot retail building in the Northern New Jersey community of Linden that is leased to LA Fitness. The building sits on a five-acre site within Legacy Square Shopping Center, and the gym opened last November. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS represented the seller, a partnership between Dallas-based Cypress Equities and San Francisco-based Stockbridge Capital Group, in the transaction. Josh Kanter and Tony D’Ambrosia of NNN Pro represented the undisclosed buyer. Chris Marks and Steve Filippo of Marcus & Millichap Capital Corp. arranged an $8 million acquisition loan for the deal that carried a five-year term and 7.73 percent interest rate.
NEW YORK CITY — TD Bank has expanded its office footprint at 125 Park Avenue in Midtown Manhattan. The lease term is 10 years, and the space spans 26,255 square feet across the entire eighth floor. TD Bank now occupies 130,057 square feet at 125 Park Avenue, and the expansion brings the building to full occupancy. Robert Alexander, Ryan Alexander, Matthew Saker and Nicole Marshall of CBRE represented TD Bank in the lease negotiations. Brian Waterman, David Falk, Pete Shimkin and Daniel Levine of Newmark represented the landlord, SL Green.
NEW YORK CITY — Marcus & Millichap has brokered the $5.9 million sale of a five-story mixed-use building in Lower Manhattan. The building at 133 Eldridge St. features ground-floor retail space with residential units above. Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MADISON, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 28,645-square-foot retail property in the Northern New Jersey community of Madison. The property is fully leased to an undisclosed national grocer. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule, through an undisclosed life insurance company.
HARRISON AND KEARNY, N.J. — NAI James E. Hanson has brokered the $156.3 million sale of a portfolio of six industrial outdoor storage (IOS) properties totaling 48.7 acres in Northern New Jersey. Four of the properties are located in Harrison, and the other two are located in Kearny. Scott Perkins, Christopher Todd, and William Ericksen of NAI Hanson represented the buyer, Chicago-based Ambient Capital Partners, in the transaction. The seller was not disclosed.