NEW YORK CITY — HKS Capital Partners has arranged $39 million in refinancing for Giraffe Hotel, which is located at 365 Park Avenue South in New York City’s Flatiron district. The 10-year loan features a 4.3 percent interest rate. Cantor Commercial Real Estate (CCRE) provided the CMBS loan. Jerry Swartz and Ayush Kapahi of HKS Capital negotiated the refinancing for the borrower. Henry Kallan owns the 39-key hotel, which is part of the Library Hotels Collection.
NEW YORK CITY — Greystone has acquired two adjacent properties — a landmarked building and a vacant lot — in Brooklyn’s Park Slope neighborhood for a combined total of $21.1 million. Located at 227 Fourth Ave., the first property, known as Brooklyn Lyceum, was originally constructed as a public bathhouse. The property was most recently used as a café and performance space. Greystone won a bid for the property at a Kings County foreclosure auction in October 2014 for $7.6 million. Greystone plans to restore the building’s façade and transform property into a townhouse-style condominium residence with ground-floor retails space. The second property, which sold for $13.5 million, is an adjoining vacant lot located at 225 Fourth Ave. Greystone plans to develop a mixed-use property on the site with approximately 68 rental units and 3,500 square feet of first-floor retail space. Additionally, the residential building will feature a fitness room, bike storage and roof deck.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an apartment building located at 2215 Newkirk Ave. in Brooklyn’s Flatbush neighborhood. The 117,564-square-foot property sold for $14.8 million, or 13 times its current rent roll. Built in 1927, the six-story building features 79 apartments. Aaron Jungreis of Rosewood represented the seller, 2215 Properties LLC, and David Berger, also of Rosewood, represented the buyer, Newkirk 2215 LLC, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily building located at 605 West 141st St. in the Hamilton Heights section of Manhattan. The 25-unit property sold for $12.3 million, or $492,000 per unit. The six-story elevator building is located within close proximity to the 1 train and the A, B, C and D lines. Yosef Katz of GFI Realty Services represented the seller, Madison Realty Capital, while Roni Abudi, also of GFI, represented the buyer, a local investor, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of two contiguous retail condominium units totaling 11,505 square feet for $11.4 million, or $986 per square foot. The properties are located on the ground-level of a 10-story multifamily property located at 80 Carmine St. in Manhattan’s West Greenwich Village. One property includes a 3,050-square-foot vacant unit featuring a full kitchen and 100 street-level seats, a 4,955-square-foot basement space with a prep kitchen and 120 seats, and 1,180 square feet of outdoor space. The second unit is a 3,500-square-foot space, which is occupied by Kumon Learning Center. Barbara Dansker and Zachary Ziskin of Marcus & Millichap’s Manhattan office represented the buyer and seller, both of which were undisclosed, in the transaction.
MIAMI — RKF has brokered the sale of a 22,248-square-foot retail property located at 3800 N.E. Miami Court in Miami’s Design District. Poltrona Frau Group Miami, a luxury furniture retailer, is the sole tenant of the newly constructed, two-story property. Benjamin Mandell, John Ellis and Marty Arrivo of RKF represented the buyer, Chicago-based L3 Capital LLC, in the transaction. The seller, Tirrenia Developments LLC, was represented in-house.
COLONIAL HEIGHTS, VA. — Oak Grove Capital has arranged the refinancing of two affordable housing properties in Colonial Heights totaling $19.5 million. The two assets, Colonial Ridge and Bermuda Run Apartments, total 292 units. Tim Leonhard of Oak Grove Capital arranged the fixed-rate, preservation loan through Freddie Mac on behalf of the unnamed borrower.
ROYAL PALM BEACH, FLA. — CBRE has brokered the $8.3 million sale of Royal Office Park, a 28,656-square-foot mixed-use office and retail complex in Royal Palm Beach. The property is located at 420 S. State Road 7 adjacent to a 350,000-square-foot retail power center and Wellington, an international equestrian center. The Mediterranean-styled mixed-use complex features a landscaped perimeter and central courtyard with cobblestone walkways and hurricane-resistant glass storefronts and doors. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar and Jason Hochman of CBRE represented the seller, Royal Office Park Ltd., in the transaction. Judge Moss of Banyan Realty Partners and Scott Weprin of Michael Falk & Co. represented the undisclosed buyer.
SPARTANBURG, S.C. — MCR Development LLC has completed an extensive renovation of the 88-room Residence Inn Spartanburg. The hotel is located at 9011 Fairforest Road in Spartanburg. The renovation includes upgrades to the lobby and guestrooms, as well as enhancements to the hotel’s exterior. The hotel’s guestroom suites were outfitted with brand new bedding, couches, dining chairs and carpeting, as well as a new wall pattern accompanied with new curtains and window treatments. Vinyl flooring was also installed in the kitchen of each suite. MCR Development is one of the 15 largest hotel owner-operators in the United States and manages a portfolio of 70 hotel properties with approximately 8,300 rooms in 17 states.
WINDERMERE, FLA. — NorthMarq Capital has arranged acquisition financing for Citra at Windermere, a 360-unit apartment community located at 11353 Citra Circle in Windermere. Greg Duvall of NorthMarq Capital has arranged the 10.5-year loan with five years of interest-only payments and a 30-year amortization schedule. Duvall arranged the Freddie Mac loan on behalf of the undisclosed borrower.
