HFF announced that it has arranged $85 million in financing for a mixed-use portfolio encompassing 19,409 s/f 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.
In a separate transaction, HFF’s Eric Anton arranged the sale of the transaction while he was with Brookfield Financial.
The portfolio is situated on an 18,453 s/f 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. The portfolio also includes available development rights along West 15th Street.
The HFF team representing the borrower was led by managing director Steven Klein and director Jennifer Keller.
“The high-quality portfolio’s irreplaceable location at the heart of the historic Meatpacking District represents one of the most sought-after retail and residential submarkets in Manhattan. The in-place vacancy and below market rents in both the residential and retail components of the transaction presented the borrower with a very appealing and unique opportunity,” said Klein.