NEW YORK CITY — Private equity firms InTandem Capital Partners and Sagewind Capital LLC, have jointly signed a 10,165-square-foot in Midtown Manhattan. The firms will share one office across a portion of the 24th floor of One Vanderbilt Avenue, an approximately 1,750,000-square foot office tower slated for completion later this year. Lloyd Desatnick of JLL represented the tenants in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.
NEW YORK CITY — ABS Partners Real Estate has negotiated a 5,000-square-foot office lease for Canadian trade union Unifor in the NoMad neighborhood of Manhattan. The company’s new space includes the entire eighth floor at 152 Madison Avenue, an approximately 98,000 square foot office building constructed in 1929. The asking rent was $59 per square foot. Ronnie Zimmerman and Ian Weiss of ABS represented the landlord, Heskells, in the lease negotiations. Newmark Knight Frank represented Unifor.
MILFORD, CONN. — Milford Performing Arts Center (MPAC) will open a 1,600-square-foot dance facility in Milford, a western suburb of New Haven. The property is located at 225 Research Drive, a redeveloped warehouse constructed in 1988. Bill Clark of The Geenty Group represented MPAC in the lease negotiations. Clark also represented the landlord, D’Amato Investments LLC.
PARSIPPANY, N.J. — JLL has arranged a $59.9 million acquisition loan for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, a western suburb of New York City. Bridge Investment Group provided the four-year, floating-rate loan to the borrower, P3 Properties. The complex is located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center. Amenities at the center include a 5,000-square-foot fitness center with a yoga studio, two cafes and two conference areas. At the time of sale, the buildings were 67 percent leased to tenants including Zurich Insurance and York Risk Services. Greg Nalbandian and Andrew Zilenziger arranged the loan.
ATLANTIC CITY, N.J. — Caesars Entertainment Corp. and VICI Properties Inc. have agreed to sell Bally’s Atlantic City Hotel & Casino for approximately $25 million in cash. The buyer, Twin River Holdings Inc., will pay $19 million to VICI and $6 million to Caesars. The property includes approximately 225,750 square feet of gaming space and 1,214 hotel rooms. Restaurants on site include Italian eatery Buca di Beppo and Guy Fieri’s Chophouse. Following the sale, Caesars will continue to operate Caesars Atlantic City, which will include the Wild Wild West casino area, The Book sports wagering facility and Harrah’s Resort Atlantic City. VICI Properties will continue to own the land and real estate associated with Caesars Atlantic City, including the Wild Wild West casino area. Both parties were represented internally.
DANBURY, CONN. — M&T Bank has provided a $24.5 million construction loan for Brookview Commons Phase II, a 145-unit multifamily building in Danbury, located approximately 35 miles northwest of New Haven. M&T provided the two-year, recourse loan to a partnership of co-developers BRT General Corp. and The DiMarco Group. Phase II of Brookview Commons will be developed at a site located at 333 Main St., directly across from the existing 115 units at Brookview Commons. Phase II will feature 18 studios, 80 one-bedroom and 47 two-bedroom units. The construction schedule was undisclosed. John Harrington of HK Real Estate Advisors arranged the loan.
NEW YORK CITY — Investment firm Oak Hill Advisors has expanded its prelease to 69,802-square-feet in Midtown Manhattan. The firm originally preleased 45,954 square feet at One Vanderbilt Avenue, an approximately 1.7 million-square foot office tower slated for completion later this year. The firm has leased an additional 23,848 square feet and will now occupy space across the 15th and 16th floors. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.
YORK, PA. — Larken Associates, a New Jersey-based developer, has acquired The View at Mackenzi, a 224-unit apartment community in York, located approximately 25 miles south of Harrisburg. Located at 2035 Patriot St., the property features two-bedroom units and amenities such as a fitness center, walking trails and a dog park. Rents range from $1,042 per month to $1,195. The seller and sales price were undisclosed.
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Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus
In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …
HARRISBURG, PA. — Some construction projects, including public and private residential and non-residential construction, in Pennsylvania will be allowed to restart on May 8, according to Pennsylvania Gov. Tom Wolf. The state shut down all nonessential businesses on March 21, including most construction projects not related to healthcare or critical infrastructure. Restrictions on new construction also extended to housing developments that had not been issued a final occupancy permit. In a public statement, the governor said that when construction sites do restart, development teams should adhere to social distancing, personnel limits and other guidance provided by the administration. If cases of COVID-19 flare up again in the state, construction sites will have to close once more.