NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has entered into an agreement with an undisclosed buyer to sell five Manhattan retail properties for $184.5 million. The properties are located at 677–679 Madison Ave., 759–771 Madison Ave., 828–850 Madison Ave., 478-482 Broadway and 155 Spring St. Combined, the properties currently have negative income and a street-level occupancy rate of approximately 30 percent. Vornado is selling the properties in three separate transactions. The sale of the Madison Avenue properties is expected to close in the third quarter, and the sales of the Soho properties are expected to close in the first quarter of 2022.
SECAUCUS, N.J. — New York City-based Meridian Capital Group has arranged $60 million in financing for Hudson Regional Hospital, a 204-bed healthcare facility located outside of Manhattan in Secaucus. Cross River provided the financing, which consisted of a $50 million senior loan to refinance existing debt and a $10 million credit facility. Jake Handelsman, Ari Adlerstein, Ari Dobkin, Josh Simpson and David Gottlieb of Meridian Capital originated the financing. The sponsor, Yan Moshe, who serves as the hospital’s chairman of the board, has invested more than $10 million in capital improvements to the property since acquiring it in 2018.
WEYMOUTH, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $17 million loan for the refinancing of Spanish Trace, an 87-unit apartment complex in Weymouth, about 15 miles south of downtown Boston. Casimir Groblewski of Fantini & Gorga placed the loan with an undisclosed, New England-based bank. The borrower was a Massachusetts-based, family-owned development and management firm doing business as Spanish Trace LLC.
ISELIN, N.J. — Cushman & Wakefield has brokered the $15.7 million sale of a 48-unit luxury multifamily building in the Northern New Jersey community of Iselin. Units at the property, which was built in 2018, feature stainless steel appliances and woodgrain ceramic tile floors. Cushman & Wakefield’s Andy Merin, Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, Adoni Property Group, and procured the buyer, FM Ferrari Investments.
NEW YORK CITY — Private investment and management consulting firm Dorilton Capital has signed a 5,148-square-foot office lease expansion at 32 Avenue of the Americas, a 1.2 million-square-foot building located in the Tribeca area of Manhattan. The company now occupies 38,648 square feet at the property comprising the entire 26th floor and portions of the 17th and 27th floors. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.
BOSTON — Ashford Hospitality Trust (NYSE: AHT) has received a $98 million loan for the refinancing of the 309-room Hilton Boston Back Bay hotel. Located near Fenway Park, the hotel offers amenities such as an indoor pool, fitness center, business center, meeting rooms and onsite food and beverage options. The nonrecourse, floating-rate loan features a four-year initial term with a one-year extension option. An undisclosed balance sheet lender provided the loan. Robert Douglas, a real estate advisory firm that specializes in providing capital solutions for the hospitality industry, assisted Ashford with this transaction.
YORK, PA. — New Jersey-based Larken Associates has begun renovations of The View at Mackenzi, a 224-unit apartment community in York. As part of the project, the company will add a community pool, an outdoor grilling area and a new clubhouse, with completion slated for early 2022. Units at the property feature two-bedroom floor plans and individual washers and dryers. Select units also offer stainless steel appliances, island breakfast bars and private balconies/patios. Existing amenities include a fitness center, walking trails, a dog park and package concierge services. Larken Associates acquired The View at Mackenzi in 2020.
KEARNY, N.J. — Marcus & Millichap has brokered the $21.1 million sale of a 135,000-square-foot industrial building located within an opportunity zone in Kearny, a suburb of Newark. The property includes warehouse and manufacturing space and features clear heights of 15 to 20 feet, nine loading docks and 10,000 square feet of office space. Mark Gjonbalaj, Alan Cafiero, Ben Sgambati and David Adjmi of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the $11.8 million sale of a portfolio of three multifamily properties in Brooklyn’s Boerum Hill neighborhood. The portfolio consists of 10 multifamily units and five retail spaces. The properties are located at 348 Atlantic Ave., 336 State St. and 75 Hoyt St. Lev Mavashev and Daniel Aminov of Alpha Realty represented the seller, an investment fund that was looking to liquidate its Brooklyn holdings, and procured the buyer, a European investment firm. Both parties requested anonymity.
NEW YORK CITY — Cedar, a locally based healthcare financial technology firm, has signed a 66,753-square-foot office lease at 32 Avenue of the Americas in Manhattan’s Tribeca neighborhood. The lease term is five years, and the space encompasses the entire 18th and a portion of the 17th floors of the 1.2 million-square-foot building. Cedar is quadrupling its 17,000-square-foot footprint at 95 Morton Street and plans to take occupancy of its new space in the fourth quarter. Mitti Liebersohn and Evan Foley of Avison Young represented the tenant in the lease negotiations. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.