NEW YORK — HFF has arranged $85 million in financing for a mixed-use portfolio encompassing 19,409 square feet of retail and 82 residential rental units in New York’s Meatpacking District.
HFF worked exclusively on behalf of the borrower, a joint venture between Tavros Holdings LLC and Arel Capital, to secure the floating-rate loan through Blackstone Mortgage Trust. Loan proceeds were used to acquire the property.
The portfolio is situated on an 18,453-square-foot lot at the corner of West 14th Street and Ninth Avenue near Chelsea Market, High Line Park, Google’s New York headquarters, the new Whitney Museum and Hudson Yards. The residential component of the property is 100 percent leased and is comprised of three buildings containing a total of 59 studio, 18 one-bedroom and five two-bedroom units.
The retail component is leased to tenants such as Scarpetta, The Diner, Le Pain Quotidien, L’Occitane and Solstice Sunglasses. More than 200 feet of total retail street frontage faces the triangular Ninth Avenue Public Plaza, a notable pedestrian space created in the middle of Ninth Avenue. The portfolio also includes available development rights along West 15th Street.
HFF managing director Steven Klein and director Jennifer Keller led the team representing the borrower.
Tavros Holdings LLC is a privately owned real estate investment management and development firm with offices in New York City. Arel Capital is a real estate-focused investment company that focuses on investing and developing multifamily properties ranging from $50 to $200 million.
HFF operates out of 23 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF’s stock price closed at $33.96 per share on Monday, Nov. 17, up from $25.06 a year ago.
— Scott Reid