HFF announced it secured acquisition and pre-development financing for 138 East 50th Street in Manhattan’s Midtown East neighborhood.
HFF worked on behalf of the borrower, 50 Lex Development, LLC.
The borrower is a joint venture of Ceruzzi Holdings LLC of New York and Immovate North America, Inc., a subsidiary of Immovate Projektentwicklungs GMBH of Graz, Austria, in arranging the two-year, floating-rate, non-recourse loan with a major U.S. investment bank.
138 East 50th Street is located between Third and Lexington Avenues four blocks from Rockefeller Center and close to Times Square in Midtown East. The property is currently improved with a parking garage.
“No immediate development plans have been announced,” commented Robert Skolnick of Ceruzzi Holdings.
The HFF team representing the borrower was led by senior managing directors Dave Nackoul and Jay Marshall.
Based in Graz, Austria, Immovate is one oF that European nation’s leading developers.