NEW YORK CITY — Naftali Credit Partners, an alternative lender and subsidiary of global investment firm Naftali Group, has provided $203 million in financing for an office-to-residential conversion project in Midtown Manhattan. The financing comprises a $167 million senior loan and a $36 million mezzanine loan. The borrower is private equity firm Yellowstone Real Estate Investments, and the property in question is the 25-story building at 221 West 41st St., which was originally constructed in 1925. The converted building will include a 25 percent affordable housing component and amenities such as a fitness center, spa, golf simulator, lounge and an outdoor terrace. A construction timeline was not announced.
NEW YORK CITY — Local owner-operator GFP Real Estate has received an $83 million loan for the refinancing of 100 Crosby Street, an office and retail building in Manhattan’s SoHo neighborhood. The six-story, 175,000-square-foot building was originally constructed in 1884 and was fully leased at the time of the loan closing. Office users include Runway Growth Capital, Little Spoon, Shine Capital and Empire Entertainment, while American Eagle and Canadian fashion retailer Aritzia anchor the building’s retail component. TD Bank and BNY (formerly Bank of New York Mellon) provided the loan, which was arranged by Paul Talbot of Newmark.
NEW YORK CITY — The South African Consulate has signed a 31,494-square-foot office lease in Midtown Manhattan. The diplomatic organization will occupy the penthouse space at 805 Third Avenue, a 31-story building. Michael Goldman of Cresa represented the consulate in the lease negotiations. Glenn Isaacson, Tony Builder and Ava Beganovic of Bradford Allen, along with internal agent Marc Horowitz, represented the landlord, Cohen Brothers Realty Corp.
HOUSTON — Yetter Coleman LLP has signed a 43,906-square-foot office lease in downtown Houston. The law firm will relocate from the nearby building at 811 Main St. to the 53rd and 54th floors of 600 Travis Street, a 75-story tower. Jon Lee and Claire Douthit of CBRE represented the tenant in lease negotiations. A partnership between Hines and Cerberus Capital Management owns the building.
LOS ANGELES — Sonnenblick-Eichner Co. has arranged an $80 million first-mortgage loan secured by Del Rey Campus, a creative office campus in the Marina del Rey submarket of West Los Angeles. The five-year, fixed-rate, interest-only financing was funded by Goldman Sachs and refinanced a construction loan for the property. The sponsor, a joint venture between Continental Development Corp. and Mar Ventures, built the asset in 2020. Located at 4800 Alla Road, the three-building campus offers 162,031 square feet of creative office space with flexibility for full floor and multi-tenant buildouts. All buildings feature 21-foot clear space with exposed ceilings, generous balconies, ground-floor patios and courtyards. The campus also features a café, fitness center with men’s and women’s locker rooms, secured bicycle and surfboard storage areas. Current tenants include the global headquarters of the World Surf League, the westside location for CENTRL Office, a Portland, Ore.-based coworking operator and a large video game studio.
SAN DIEGO — Bridgeway Real Estate Partners, in partnership with LBX Investments, has acquired Plaza Del Mar, an office campus in the Del Mar Heights submarket of San Diego, for $43 million, or $352 per square foot. Located at 12520 and 12526 High Bluff Drive, Plaza Del Mar offers 120,000 square feet of office space. Bridgeway plans to reintroduce the property to the market with an enhanced campus environment, including upgrades to the common area courtyards. Scott Peterson, Mark McGovern, Colby Matzke and Michael Kolcum of CBRE’s Debt and Structured Finance secured acquisition financing on behalf of the buyer. CBRE’s Mike Hoeck, Chris Pascale and Ellycia Walker will handle leasing for the property. Rick Reeder of Newmark represented the undisclosed seller in the transaction.
LONG BEACH, CALIF. — JLL Capital Markets has arranged a $7.5 million permanent loan to refinance 200 Pine Avenue, a 64,376-square-foot retail and office property located in Long Beach. Brad Vansant and Jenna Frakes of JLL secured the fixed-rate financing on behalf of the borrower, Bascom Group. Renovated in 2022, 200 Pine Avenue is a six-story building with an attached 123-stall parking garage and ground-floor retail space. The building, which has recently been renovated to provide common area and tenant improvements, is 81 percent leased to 15 tenants. Restaurant and sports bar Dirty Birds recently signed a lease to occupy a portion of the ground-floor retail space, joining Agaves Kitchen & Tequila and Agaves Ultra Lounge.
BALA CYNYWD, PA. — Pep Boys has signed a 37,000-square-foot office lease expansion in Bala Cynwyd, a northwestern suburb of Philadelphia. The Philadelphia-based automotive services company now occupies more than 70,000 square feet at One Presidential Boulevard, a four-story, 133,115-square-foot building. Michael Monahan and Brian Smyth of CBRE represented Pep Boys in the lease negotiations. The landlord was not disclosed.
HOUSTON — First Community Credit Union (FCCU) has purchased Noble Energy Center Two, a 470,623-square-foot office building in northwest Houston, for its new headquarters. Built on 4.7 acres in 2020, the building will “provide the space and infrastructure needed to enhance collaboration, develop talent and deliver an elevated experience for FCCU’s more than 180,000 members,” according to FCCU. Jeff Hollinden, Kevin McConn and Max Myers of JLL represented the undisclosed seller in the transaction. Larry Cedillo of Cross Capital Realty represented FCCU.
HOUSTON — JLL has brokered the sale of 1800 Bering, a 171,510-square-foot office building in Houston’s Galleria district. The 10-story building was roughly 83 percent leased at the time of sale and offers amenities such as a micro market, tenant lounge, conference center and an outdoor patio. Kevin McConn and Marty Hogan of JLL represented the seller, California-based investment firm KBS, in the transaction. Michael Johnson and Michael King, also with JLL, arranged acquisition financing on behalf of the buyer, local private equity firm DML Capital. The new ownership has tapped Transwestern as the leasing agent.
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