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[26 Mar 2015 | No Comment | ]

Cushman & Wakefield has closed a $22 million loan, collateralized by three mixed-use buildings at 92-94 Second Avenue, 192 First Avenue and 194 First Avenue in the East Village.
The loan features a rate of 2.875 percent and a 30 year amortization schedule.
“The challenge with this financing was finding a lender to get comfortable with the month-to-month leases and the lack of historical financials,ˮ said Cushman & Wakefield’s Morris Betesh, who exclusively handled this transaction with Omar Ferreira.
“Fortunately, our client has a great reputation of repositioning assets such as these. Coupled …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

CBRE Capital Markets’ Debt & Structured Finance team has arranged $50 million in bridge loan financing for Bank of America Plaza, a 16-story, Class A office tower in Las Vegas, Nevada.
Financing was facilitated by Shawn Rosenthal, executive vice president in CBRE’s Midtown Manhattan office, with local guidance from Bob Ybarra, vice president in CBRE’s Las Vegas office.
CBRE worked on behalf of Angelo, Gordon & Co. and City Center Realty Partners, LLC, with financing provided by Prime Finance.
“The transitional bridge loan will be used to refinance existing debt and provide for …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

HFF has closed the recapitalization of a 499-space underground parking garage in the Edge mixed-use project in Williamsburg, Brooklyn.
HFF marketed the property on behalf of Douglaston Development.
In 2014, HFF worked on behalf of the seller to close the recapitalization of 1.19 acres of land entitled for the development of 2 North 6th Place now underway and the sale the existing 64,000 s/f retail portion of the property.
The 499-space parking garage is part of The Edge master planned development featuring 565 constructed residential condominiums, 347 moderate-income units and 554 to-be-built residential …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

Square Mile Capital Management announced that it has originated a $24.5 million mezzanine loan secured by a to-be-built hotel near Times Square and Hudson Yards.
The hotel, being developed by Sam Chang of McSam Hotel Group, will be located in the Hudson Yards Zoning District. The mezzanine loan is part of the $108 million construction financing on the property.
The senior construction financing was provided by the Bank of the Ozarks.
Chang has played an important role in New York’s hospitality industry, providing modern limited-service hotels that complement the city’s luxury offerings that …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

Harbor Group International announced that an affiliate of the company funded a $35 million, nine percent mezzanine loan in connection with the purchase of a 15-property portfolio of multifamily properties, primarily in Brooklyn.
The portfolio was acquired for $236 million by a long-standing Brooklyn multifamily operator and investor that contributed approximately $38 million of equity in the transaction.
“Mezzanine loans and preferred equity transactions have become a an increasingly important component of HGI’s diverse investment strategy,” said T. Richard Litton, Jr., president of Harbor Group International.
“We continue to actively pursue these types …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

Meridian Capital announced the following transactions:
• New mortgages totaling $2,410,000 on two multifamily properties totaling 18 units located on Caroline Avenue and Radford Street in Yonkers, NY. The loans feature rates of 3.00% and five-year terms. These transactions were negotiated by Judah Hammer and Sam Schonfeld.
• A new mortgage in the amount of $16,000,000 on a six-story, 135-unit multifamily property located on East 18th Street in Brooklyn, NY. The loan features a rate of 3.40% and interest-only payments for the full seven-year term. Avi Weinstock and Michael Farkovits negotiated this …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

Mayor de Blasio made three appointments to the Rent Guidelines Board, naming Helen Schaub and K. Sabeel Rahman as public member representatives, and Scott Walsh as an owner representative.
The Rent Guidelines Board determines annual rent adjustments for approximately one million apartments across the city subject to the Rent Stabilization Law.
Helen Schaub, one of the public member representatives, has spent more than 10 years as a community organizer with a focus on housing.
She is currently the New York State Director of Policy and Legislation at 1199 SEIU United Healthcare Workers East.
Before …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

EPIC Commercial Realty has appointed Tali Israeli as its chief operating officer.
Israeli handles day-to-day operations and oversees the over 30-person team. She is charged with growing the team following a record-breaking 2014.
Prior to joining EPIC, Israeli was a senior operations manager at Hearing Life/Total Hearing Care, overseeing the operations for several hundred locations.
Before that, she was partner in the property management division and a vice president of operations in the real estate development and general contractor divisions at Shuster
Management, LLC for seven years.
Israeli received her Master of Arts degree with …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]
Louboutin looking for retail neighbor

RKF is marketing two retail spaces at 955 Madison Avenue, located on the east block between 75th and 76th Streets.
RKF executive vice president Karen Bellantoni and vice president Beth Rosen are exclusively marketing the boutique units on behalf of the landlord, 35 East 75th Street Corp.
Space A, situated between Gianvito Rossi and Christian Louboutin, totals 2,255 s/f with 1,155 s/f on the ground floor and 1,100 square feet in the basement.
Space B, adjacent to the soon-to-open Annick Goutal, is comprised of 600 s/f t on the ground floor and 450 …

Deals & Dealmakers »

[26 Mar 2015 | No Comment | ]

New Jersey-based Retro Fitness opened its first Manhattan location at Brookfield Properties 1 New York Plaza.
The 17,000 s/f gym is located in the renovated 40,000 s/f concourse of the Lower Manhattan building.
Brian Katz represented Retro Fitness in this transaction. The landlord was represented by Steven Baker from Winick Realty.
Katz & Associates has represented Retro Fitness for the past eight years and has completed over 35 additional transactions throughout the Northeast.
“Manhattan had been an ongoing discussion for several years. This is a great addition for the company and the neighborhood,” …

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