NEW YORK CITY — Houlihan Parnes Realtors has placed $2.9 million in first mortgage debt for three retail properties in Bronx. The one-story buildings, which total 14,000 square feet, are located at 26-34 West Kingsbridge Road, 134-138 West Fordham Road and 1735-1745 University Avenue. The three separate loans have 5-year, 3.75-percent fixed rates with 30-year amortization schedules. Additionally, the loans feature flexible terms and extension options. Jerry Houlihan arranged the financing, while Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the borrowers.
Northeast
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to purchase 719 Seventh Avenue in Times Square for $41.1 million. Located on the southeast corner of 48th Street and Seventh Avenue, the site can accommodate a building up to 28,114 square feet in addition to highly coveted LED signage towers. SL Green plans to demolish the existing building to take advantage of the development rights. This acquisition will increase the size of SL Green’s retail property portfolio, which features assets along New York City’s primary retail corridors. The transaction is expected to close during the second quarter of 2014. David Berkley, a private investor, helped to arrange the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $13 million mortgage for the acquisition of a townhome located on East 72nd Street in New York. The borrower, Mink Development, plans to convert the six-story, 13,300-square-foot property at 39 East 72nd St. into a luxury residential building. Madison Realty Capital provided the two-year loan features a fixed-rate. Aggelos Sklavenitis of Meridian Capital Group arranged the financing.
NEWARK, N.J. — Jasper Venture Group is building a strip mall in Newark. Located near the New Jersey Turnpike, the completed shopping center will offer 25,000 square feet of combined retail and parking space. Jasper originally purchased the site in 2012 and plans to demolish the existing six-story building to construct the new shopping center.
NEW YORK CITY — One William Street Capital Management has acquired Bedrock Capital Associates, a specialty finance firm focused on commercial real estate lending solutions. Bedrock was founded more than 10 years ago and serves a national client base from its offices in New York and San Francisco. Bedrock will continue to operate under the leadership of Barry Gersten and retain its own distinct brand identity. The transaction is subject to customary closing conditions and is expected to close by the end of June. Terms of the transaction were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 243 Senator Street, a multifamily property located in Brooklyn. A developer purchased the six-unit property for $1.1 million or approximately $244 per square foot. John Brennan and Mark Zarrella of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
In Pittsburgh’s industrial market, the fourth quarter of 2013 finished in much the same way it began and maintained throughout the year; solid if unspectacular growth. The vacancy rate fell from 7.9 percent in the third quarter to 7.7 percent in the fourth quarter and dropped three basis points in total over the course of the year. The lack of quality Class A warehouse space continues to be a factor with vacancy levels dropping to an astounding 2.97 percent. The greater Pittsburgh’s industrial market is approximately 172 million square feet spread out over the six-county region that includes Allegheny, Butler, Beaver, Westmoreland, Washington, and Armstrong counties. The Class A portion is approximately 17.5 million square feet. With a vacancy rate of 2.97 percent, we only have a total availability across our total market of 519,750 square feet of Class A product. This is below equilibrium for a healthy market. Furthermore, the definition of Class A product in the Pittsburgh region would not necessarily hold up in markets with more speculative developments such as Columbus or Lehigh Valley. Although Pittsburgh has hit the radar of the national real estate community for the opportunity on the investment side, we are still very …
NEW YORK CITY — Meridian Capital Group has arranged a $30 million first mortgage construction loan for the ground-up development of a multifamily property located at 501 East 74th Street in New York. The borrower, Golden Asset LLC, plans to develop a 20-story, 83-unit property, which is being designed by Steven B. Jacobs Group Architects. Aaron Birnbaum and Tal Savariego of Meridian Capital Group negotiated the three-year loan, which features a competitive spread over LIBOR, interest-only payments for the full term and several extension options.
NEW YORK CITY — Capital One Bank has introduced Capital One Multifamily Finance, a commercial real estate organization that combines the company’s balance sheet and agency lending groups into a single entity. This is the next stage in Capital One’s integration of Beech Street Capital, the agency originator and servicer acquired by Capital One last year. Capital One Multifamily Finance is entering the market as top-five U.S. multifamily originator and will offers its expanded client base the capabilities of Capital One’s Commercial Banking group in related asset classes and in services, such as treasury management. The multifamily group will offer a national platform with offices across the country.
UNION CITY, N.J. — Moonachie, N.J.-based Weiss Realty Co. brokered the sale of a Walgreens located at 3333 Park Ave. in Union City. A 1031 buyer acquired the 11,000-square-foot property for $5.3 million. Jaime Weiss and Arnold Litt of Weiss Realty Co. represented the seller and buyer in the transaction.