Metropolitan Realty Associates LLC (MRA) and equity partner Angelo Gordon & Co. LP have secured a $23 million acquisition and construction loan for the repositioning of a former Macy’s department store.
Amherst Capital provided a three-year loan for the redvelopment venture at the Shops at Nanuet in the Hudson Valley hamlet of Nanuet.
In December 2018, MRA founder and CEO Joe Farkas simultaneously announced the purchase and sale leaseback of the 218,000 s/f store — which is slated to close on March 24, 2019, after the Macy’s liquidation sale is completed.
He signed a 10-year, 101,488 s/f lease with décor superstore, At Home, with occupancy scheduled for the first quarter of 2020.
The redevelopment will modernize and reconfigure the access points to the building to space that will appeal to single or multiple retail users.
It will include a two-story grand lobby, tenant controlled mechanical systems and wireless technology.
Farkas is working with the Town of Clarkstown Supervisor, George Hoehmann, and local authorities, as part of a larger effort to rezone Nanuet as a Transit Oriented Development.
He also is assisting the Supervisor’s newly announced Business & Economic Development Advisory Committee.
“Obtaining such favorable terms from our lender is testament to the viability of this venture to contribute to the ongoing growth of a town already ranked among the best places to live in the state and we thank Amherst Capital for its confidence in the project,” Farkas said. NKF’s Dustin Stolly, Jordan Roeschlaub and Chris Kramer arranged the financing for MRA. Joe Galvano of Duval & Stachenfeld was the borrower’s counsel, and Lewis Goss II of Arent Fox represented the lender.