NEW YORK CITY — Rooftop Hospitality Group has signed a 12-year retail lease extension at 230 Fifth Ave. in Manhattan. The tenant occupies the roof of the New York Market Center building, where it operates the 230 Fifth Avenue Rooftop Bar concept. The bar originally opened in 2006 and comprises 32,050 square feet of indoor and outdoor space. Jane Gural-Senders, David Kaye and Harvey Richer internally represented the landlord, GFP Real Estate, which has owned the building since 1958, in the lease negotiations.
YONKERS, N.Y. — Affinius Capital has provided a $112.7 million loan for the refinancing of Alexander Crossing, a 440-unit apartment building located north of New York City in Yonkers. The newly built waterfront property offers 119 studios, 218 one-bedroom units, 90 two-bedroom residences and 13 three-bedroom apartments. Units are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include an outdoor heated pool, terraces with grills and outdoor games, a fitness center, resident lounge, coworking space, multi-sport simulator and a game room. Jonathan Schwartz, Aaron Appel, Sean Reimer, Keith Kurland, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the financing on behalf of the borrower, a joint venture between Rose Associates and Battery Global Advisors.
BOSTON — Colliers has arranged a $62 million loan for the refinancing of Addison, a 230-unit apartment community in East Boston that was completed in late 2021. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball court, outdoor grilling and dining stations, coworking lounge, industrial kitchen and a maker space equipped with 3D printers, a laser cutter for digital sewing/embroidery machines and art supplies. Jeffrey Black, Bryan Koop, Sean Burke, Kevin Phelan and Matthew Lombardi of Colliers arranged the loan through CrossHarbor Capital Partners. The borrower was a joint venture between Redgate Capital Partners, North River Co. and ELV Associates.
TAUNTON, MASS. — Ferguson Enterprises, a distributor of plumbing and HVAC supplies, has opened a 234,282-square-foot warehouse in Taunton, a southern suburb of Boston. The facility houses a 5,743-square-foot retail store, 30,000 square feet of offices and training space for employees and a designated pick-up and will-call area. Building features include a clear height of 40 feet, three exterior loading ramps and a floor-to-ceiling racking system. Ware Malcomb designed the project, and Connolly Brothers provided construction management services.
HACKENSACK, N.J. — JLL has negotiated the sale of Avalon Hackensack at Riverside, a 226-unit multifamily property in Hackensack. Avalon Hackensack at Riverside was built in 2013 and offers studio, one-, two- and three-bedroom apartments. Select units feature balconies, patios, dens and loft-style layouts. Amenities include a pool with a grilling area, resident clubhouse, fitness center, tenant lounge and a dog run. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
JERSEY CITY, N.J. — Four new food-and-beverage (F&B) operators have signed leases at apartment buildings in Jersey City’s Bergen-Lafayette neighborhood. Breakfast café Eggs Up will open a restaurant in the 24-story Atlas high-rise building. MochiDough and BoberTea, both of which are Japanese concepts, have committed to Starling, a rental building with 39 units. Cheeky’s, a concept known for New Orleans-style sandwiches, will open at The Hazel, a 201-unit building. All openings are slated to occur before the end of the year. A partnership between between locally based developer Fields Grade and New York City-based Alpine Residential owns the buildings.
NEW YORK CITY — Walker & Dunlop (NYSE: WD) has arranged the $148 million refinancing for The Victoria, a mixed-use property in the Harlem neighborhood of Upper Manhattan. At 30 stories, the property is the tallest building in Harlem. The Victoria is built around the neighborhood’s historic Victoria Theater and offers 191 luxury apartments, a 211-room Marriott-branded hotel and 23,000 square feet of retail space. The project was completed in the third quarter of 2023 and also features 52 below-grade parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and William Herring of Walker & Dunlop’s New York capital markets team acted as exclusive advisors to the borrowers, Lam Group and Exact Capital. Aareal Capital provided the financing, which will support ongoing operations and future enhancements to the project. “This transaction underscores the project’s significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence and cultural preservation,” says Appel. Bethesda, Md.-based Walker & Dunlop is one of the largest commercial real estate finance and advisory firms in the United States. — Katie Sloan
It may have taken more than a decade, but after starting out as a niche financing vehicle to create more energy-efficient and resilient buildings, the commercial property assessed clean energy (C-PACE) program has arguably achieved mainstream acceptance. Roughly 40 states and Washington, D.C., now either offer or are developing C-PACE programs. Over the last year alone, Georgia, Hawaii, New Mexico, Minnesota and Idaho passed legislation enabling or substantially improving the financing tool, points out Rafi Golberstein, CEO of PACE Loan Group, a direct lender of C-PACE headquartered in Minneapolis, Minn. What’s more, he adds, New Jersey and North Carolina are among states that in the coming months are expected to advance bills authorizing the use of C-PACE, or PACE for short. Given the current partisanship within the country, one of the most revealing characteristics of PACE’s growing appeal has been its ability to cross the political aisle, Golberstein observed. PACE’s popularity in particular has ascended over the last several months as developers have sought fresh capital to enhance their financial flexibility in a rising interest rate environment. “PACE is really turning out to be a bipartisan issue, as many state lawmakers are realizing that it is a great financing tool …
DARIEN, CONN. — JLL has arranged $165 million in construction financing for Phase II of The Corbin District, a six-acre mixed-use project located in the southern coastal Connecticut city of Darien. The project is part of a larger initiative to redevelop the downtown area. Upon completion, the development will feature 11 new buildings with 78,810 square feet of retail space, 105,968 square feet of office space and 112 apartments. The financing consists of a $102 million construction loan from Barings and $63 million in C-PACE financing from Counterpointe SRE. Michael Gigliotti, Evan Pariser and Robert Tonnessen of JLL arranged the debt on behalf of the sponsor, locally based developer Baywater Properties.
PHILADELPHIA — Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) has completed Broad + Noble, a 344-unit apartment community in Philadelphia’s Center City District. The 19-story building includes underground parking spaces and street-level commercial space. Amenities include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Barton Partners served as the project architect, and O’Donnell & Naccarato handled engineering initiatives. Wells Fargo provided construction financing for the project, which Toll Brothers developed in partnership with Utah-based investment firm Sundance Bay.