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One-Five-One_New-York-City
LoansNew YorkNortheastOfficeTop Stories

Durst Organization Receives $1.3B in CMBS Financing for One Five One Office Building in Times Square

by Hayden Spiess

NEW YORK CITY — The Durst Organization, a family-owned real estate owner and development firm based in New York City, has received $1.3 billion in CMBS financing for One Five One, a 48-story building located at 151 W. 42nd St. in the Times Square area of Midtown Manhattan.  A consortium of Wells Fargo Bank, JPMorgan Chase and Bank of America provided the loan. The debt, which was structured with a five-year term and an interest rate of 5.86 percent, reflects a loan-to-value ratio based on an estimated property valuation of approximately $2.3 billion. The Durst Organization will use the proceeds to fund tenant improvements, closing costs and other capital expenditures, as well as to return equity to Durst. At the time of the loan closing, One Five One was 92 percent leased to tenants such as TikTok, NASDAQ Inc., BMO Capital Markets and law firm Venable LLP.  According to Wikipedia, The Durst Organization developed the building in the late 1990s. Formerly known as 4 Times Square, the 1.8 million-square-foot building includes 72,000 square feet of retail space and underwent a $150 million repositioning in the 2010s, following the departures of publishing firm Condé Nast and law firm Skadden Arps.   Law …

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Levey-Logistics-Park-Pearland
IndustrialLeasing ActivityTexas

Creative Innovation Signs 496,560 SF Industrial Lease in Pearland, Texas

by Taylor Williams

PEARLAND, TEXAS — Creative Innovation has signed a 496,560-square-foot industrial lease in the southern Houston suburb of Pearland. The third-party logistics provider will occupy an entire cross-dock building within Levey Logistics Park, a 38-acre development. Allison Bergmann and Michael Foreman with Cushman & Wakefield represented the landlord, local owner-operator Levey Group, which developed the property in partnership with the Pearland Economic Development Corp., in the lease negotiations. Local industrial brokerage firm USWHSE Inc. represented the tenant.

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AcquisitionsIndustrialOfficeTexas

Partners Capital Acquires 228,597 SF Industrial Flex Portfolio in Houston

by Taylor Williams

HOUSTON — Partners Capital, the investment arm of Partners Real Estate, has acquired a portfolio of three industrial flex properties totaling 228,597 square feet in Houston. The HTX Service Center Portfolio comprises Lakes at 610 Service Center, Willowbend Service Center and Wilcrest Green Service Center and consists of five buildings on a combined 14 acres. The portfolio was 68.5 percent leased at the time of sale. Michael Martin of Avison Young represented Partners Capital in the transaction. The seller was not disclosed.

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DevelopmentOfficeTexas

New York Life Begins Renovation of 196,656 SF Office Building in Addison, Texas

by Taylor Williams

ADDISON, TEXAS — New York Life Real Estate Investors has begun the renovation of One Hanover, an eight-story, 196,656-square-foot office building located in the northern Dallas metro of Addison. Renovations will entail a reimagining of the lobby and upgrades to amenity spaces, including the fitness center, tenant lounge and boardroom. New York Life took ownership of One Hanover in late 2023 and subsequently built out and leased several speculative suites. The company has tapped Stream Realty Partners as the leasing agent.

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AcquisitionsIndustrialOfficeTexas

LanCarte Commercial Arranges Sale of 150,000 SF Industrial Flex Building in Rhome, Texas

by Taylor Williams

RHOME, TEXAS — Locally based brokerage firm LanCarte Commercial has arranged the sale of a 150,000-square-foot industrial flex building in Rhome, located north of Fort Worth in Wise County. The building at 138 Leopard Road is located within 114 Industrial Park, which is also home to tenants such as Valor Steel, Texas Truck Doctor, HASA, Northwest ISD, Bulldog Services, Red River Tea and Spartan Group. Mark Boone and Sarah LanCarte of LanCarte Commercial represented the undisclosed seller in the transaction.

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LoansMultifamilyNorthmarqTexas

Avatar Financial Provides $7.3M Bridge Loan for Two Houston Multifamily Properties

by Taylor Williams

HOUSTON — Seattle-based lender Avatar Financial Group has provided a $7.3 million bridge loan for the refinancing of two garden-style multifamily properties in Houston. Donovan Village is a 78-unit complex on the city’s northwest side, and Station Apartments is a 60-unit complex in the Greater Heights area. The loan carries a two-year term and an a 70 percent loan-to-value ratio. Chad Owens of Northmarq arranged the debt. The borrower was not disclosed.

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HospitalityLoansNew YorkNortheast

Goldman Sachs Funds $145M Loan for Refinancing of Manhattan Hotel

by Taylor Williams

NEW YORK CITY — Affiliates of Goldman Sachs & Co. have funded a $145 million loan for the refinancing of the Hôtel Barrière Fouquet in Manhattan. The 97-room hotel, which is located at 456 Greenwich St. in the borough’s Tribeca neighborhood, opened in 2022 and features a Parisian brasserie, a spa, art deco interiors and a private screening room. The loan retires the original construction and mezzanine financing that was provided by South Korea-based Hana Financial Investment. Law firm Rosenberg & Estis PC represented the borrower, an entity doing business as CBCS Washington Street LP, in the transaction, while attorneys from Haynes & Boone LLP represented the lender.

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The-Village-at-Tuxedo-Reserve
Build-to-RentDevelopmentLoansNew YorkNortheastSingle-Family Rental

White Oak Provides $46.2M Construction Loan for Build-to-Rent Project in Tuxedo, New York

by Taylor Williams

TUXEDO, N.Y. — White Oak Real Estate Capital has provided a $46.2 million construction loan for a build-to-rent residential project in Tuxedo, located along the New York-New Jersey border. The project, which represents Phase I of The Village at Tuxedo Reserve, will add 93 rental units within the 1,200-acre Tuxedo Reserve master-planned development. Phase I is slated for a fall 2026 completion. Max Ralby led the Newmark team that arranged the debt through White Oak. Related Cos. is developing The Village at Tuxedo Reserve, and Lennar Corp. is the master developer of the larger Tuxedo Reserve community, which is planned to ultimately feature about 1,300 residences.

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WoodBrook-at-Randolph
DevelopmentMultifamilyNew JerseyNortheast

Woodmont, Canoe Brook Begin Leasing 199-Unit Apartment Complex in Randolph, New Jersey

by Taylor Williams

RANDOLPH, N.J. — Woodmont Properties and Canoe Brook Development have begun leasing WoodBrook at Randolph, a 199-unit apartment complex located about 40 miles west of Manhattan in Northern New Jersey. WoodBrook at Randolph consists of a four-story, mid-rise building that houses 97 traditional flats and seven townhome-style buildings that house the remaining 102 residences. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, coworking spaces and a game den with a sports simulator. Construction began in spring 2024. Information on starting rents was not announced.

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CaliforniaLoansMultifamilySeniors HousingWestern

BWE Secures $65M Bond Financing for Seniors Housing Community in Milpitas, California

by Amy Works

MILPITAS, CALIF. — BWE has arranged $65 million in bond financing for Ivy Park at Milpitas, a seniors housing property in Milpitas. The financing was secured on behalf of a joint venture between Blue Mountain Enterprises and SRM Development. Oakmont Management Group is managing the property. Ryan Stoll and Taylor Mokris of BWE arranged the financing. The loan was structured as a 15-year bond issuance, credit-enhanced by a letter of credit from Poppy Bank, and features five years of interest-only payments along with a favorable covenant structure. The financing provides the sponsor with enhanced flexibility and a long-term runway to complete lease-up and drive operational performance. The four-story, 205,000-square-foot Ivy Park at Milpitas offers 199 independent living, assisted living and memory care units, as well as a subterranean parking garage. Community amenities include all-day dining at The Vine at Ivy restaurant, a fitness center, indoor heated pool, library, salon, movie theater and a landscaped outdoor courtyard. The community also offers 24-hour staffing, concierge services and a social calendar for residents.

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