ALBANY, N.Y. — As the COVID-19 pandemic continues to gradually ease in the state of New York, indoor dining and personal services have reopened in the Mid-Hudson region, according to a statement from New York Gov. Andrew Cuomo on June 22. The Mid-Hudson region, which is located directly north of New York City, has entered Phase III of the state’s reopening plan. As such, restaurants may resume indoor dining service at 50 percent capacity, and other personal service businesses including nail salons, tattoo parlors, tanning salons, massage parlors and waxing services have also been cleared to reopen. As of June 23, the Centers for Disease Control and Prevention reported more than 390,000 cases of COVID-19 in the state of New York and nearly 31,000 deaths.
WYOMISSING, PA. — Penn National Gaming, a Pennsylvania-based casino owner and operator, has reopened 73 percent of its casino properties across its national portfolio. The company closed all 41 of its casino properties across 19 states following the COVID-19 outbreak. The company has implemented property-specific safety practices based on the various state laws, including social distancing and the requisition of masks in some venues. In February 2020, the company acquired a 36 percent interest in online sports and entertainment platform Barstool Sports for $163 million. The acquisition introduced an omni-channel approach to the business, including mobile casinos and online retail. The company’s stock price closed at $33.97 per share on June 23, compared with $18.85 per share at the same time last year.
NEW YORK CITY — Cushman & Wakefield has arranged a $57 million acquisition loan for a 183-unit multifamily property in Brooklyn. USAA Real Estate provided the fixed-rate loan to an undisclosed borrower. Located at 1 Flatbush Ave., the 19-story, Class A apartment building was constructed in 2018. Amenities include a fitness center, resident lounge and landscaped roof deck. Gideon Gil, Alex Lapidus and Maya Steinberger of Cushman & Wakefield arranged the loan. Adam Spies, Adam Doneger, Dan O’Brien and Avery Silverstein represented the seller, a partnership between Meadow Partners and Slate Property Group, in the transaction.
STAMFORD, CONN. — CIT Group Inc. has provided a $35.9 million construction loan for a 183-unit apartment building in Stamford. The borrower was a joint venture between New Jersey-based developer Fields Development Group and Alpine Residential. The project will be located on Canal Street near the Metro North railway station and will include ground-floor retail space. Chris Niederpruem of CIT Group originated the loan.
PITTSBURGH — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. Over the past year, the company has executed a strategy to close underperforming stores, while investing further in alternatives to in-store sales, such as e-commerce. With the Chapter 11 filing, GNC expects to accelerate the closure of 800 to 1,200 stores. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Additionally, GNC has reached an agreement with its lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC’s largest shareholders, for the sale of the company’s business. The sale transaction has a $760 million purchase price and “would be executed through a court-supervised auction process at which higher and better bids may be presented.” The company expects to either complete the sale or the bankruptcy process this fall. GNC’s largest vendor and a joint venture partner, IVC, is working with the company to ensure a continued supply of products. Looking ahead, …
NEW YORK CITY —SL Green has received a $510 million loan for the refinancing of an office building in Manhattan. A lending group led by Aareal Capital Corp., Citi and Credit Agricole provided the loan. Located at 220 E. 42nd St., the 37-story building is known as The News Building and originally served as the headquarters for The New York Daily News. Locally based investment firm SL Green purchased the property in February 2003 for $265 million. The building is currently 97 percent leased to tenant roster including the Visiting Nurse Service of New York, Omnicom Group, local television station WPIX and the United Nations.
PHILADELPHIA — Oliver Tyrone Pulver Corp., a metro Philadelphia-based developer, plans to build a 700,000-square-foot office building in the Center City area of Philadelphia. The 30-story building will be located adjacent to City Hall at 1301 Market St. and will feature 25,200 square-foot plates on the lower floors and 17,000-square-foot plates on the upper floors. Amenities will include a 10,000-square-foot fitness center, outdoor terraces, a café, bike lockers, conference rooms, casual workspaces and a two-story, glass-enclosed marble lobby. Construction is slated to be completed in 2023. JLL will lead the leasing program at the building.
PITTSBURGH — Milhaus, an Indianapolis-based developer, is underway on Phase II of Arsenal 201, a $75 million multifamily project in the Lawrenceville neighborhood of Pittsburgh. Located at 147 39th St., the project will add 343 apartment units in studio, one-, two- and three-bedroom floor plans to the existing 243 units. Amenities will include a fitness center, dog park and pet spa, outdoor kitchen, community courtyard and a pool. Ten percent of the units will be designated as affordable to residents earning 50 percent or less of the median area income. CrossHarbor Capital Partners, Citizens Bank, First Merchants Bank and Commonwealth Bank provided debt and equity financing for the project. Dwell Design Studio designed the project, and Franjo Construction is the general contractor. Construction is slated to be complete in summer 2022.
PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and operates more than 22.5 million square feet of space across more than 20 malls and retail centers concentrated in the Northeast and Southeast regions. Upon reopening, PREIT’s properties will employ more than 30,000 workers. The company’s stock price closed at $1.33 per share on June 22, compared with $6.22 per share at the same time last year.
NEW YORK CITY — Avison Young has brokered the $22.2 million sale of two adjacent apartment buildings in the Greenwich Village neighborhood of Manhattan. Located at 103 and 105 MacDougal St., the two seven-story buildings total 72 multifamily units with one- and two-bedroom floor plans. The properties span 39,000 square feet, and one building includes a 5,000-square-foot retail space. James Nelson, Brandon Polakoff, Alexandra Marolda and David Shalom represented the undisclosed seller in the transaction. Davean Holdings was the buyer.