NEW YORK CITY — An affiliate of Vanbarton Group has received $67.5 million in acquisition financing for The Astor retail condominium located at 2139-2157 Broadway in Manhattan. Cushman & Wakefield arranged the floating-rate financing, which was provided by an affiliate of Mesa West Capital. The 31,210-square-foot property is at the base of the The Astor, a 12-story luxury residential complex. The condo features 18,902 square feet of ground-floor space and 12,308 square feet of basement-level space. The property is 100 percent leased to nine commercial tenants, including Barneys New York, Lululemon, Stuart Weitzman, Papyrus and L’Occitane. Steve Kohn, Alex Hernandez and Alex Lapidus of Cushman & Wakefield arranged the financing for the borrower.
BRIDGEWATER, N.J. — Denholtz Associates has secured a 10-year, $4 million refinancing on five of its flex-industrial properties located at 1W-5W Chimney Rock Road in Bridgewater. Totaling 115,714 square feet, the properties are part of the Bridgewater Business Park. Michael Cook of First Bank NJ negotiated the terms of the refinance. Bridgewater Business Park features 380,000 square feet of flex-industrial space.
WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.
MOKENA, ILL. — Capital One has provided an $11.9 million acquisition loan for a 28,000-square-foot medical property in Mokena, approximately 40 miles southwest of Chicago. MedProperties Holdings LLC acquired the Center for Minimally Invasive Surgery, which features four operating rooms, a 14,000-square-foot surgery center and a 5,350-square-foot recovery center. The seller and terms of the loan were undisclosed.
JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $13.5 million Fannie Mae loan for Caroline Square, a 356-unit apartment community in Jacksonville. The property was originally built in 1974. Tom Peloquin of KeyBank Real Estate Capital arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.
LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
FRISCO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $5.5 million acquisition loan for a 9.8-acre tract of land located in Frisco at the northeast corner of Legacy Drive and Eldorado Parkway. The property is situated adjacent to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center. MCA’s Todd McNeill closed the two-year loan with interest-only payments through a regional bank.
DALLAS — Dougherty Mortgage LLC has secured a $4.3 million Fannie Mae loan for Stonewood Terrace, a 160-unit, market-rate apartment property located in Dallas. The controlled access community is located near public transit and features an on-site playground, laundry and high-speed internet. The 10-year Fannie Mae loan includes a 30-year amortization schedule and was arranged through Dougherty’s Minneapolis office for the borrower, Stonewood Terrace Apartments Ltd.
MORRISTOWN, N.J. — NorthMarq Capital has arranged $7.2 million in refinancing for The Governor Morris Center, an office and medical complex located at 25 Lindsley Drive in Morristown. Malvern Federal Bank provided the five-year fixed-rate loan for the 76,308-square-foot complex. The current owner, Lindsley Drive Associates, acquired the property in 2005. Gregory Nalbandian and Robert Delitsky of NorthMarq Capital secured the financing for the borrowers.