Holliday Fenoglio Fowler secured $200 million in financing for the acquisition and pre-development of 151 East 60th Street, a development site located at Lexington Avenue directly across from Bloomingdale’s flagship location in Manhattan.
Working on behalf of Kuafu Properties, HFF placed the floating-rate loan with Mack Real Estate Credit Strategies.
Loan proceeds are being used to facilitate the purchase of the fee simple interest in the property and fund pre-development costs towards construction of a luxury residential tower with approximately 40,000 square feet of irreplaceable retail space.
151 East 60th Street is a 19,684-square-foot site with 200 feet of prime frontage along East 60th Street across from Bloomingdale’s and adjacent to the 59th Street/Lexington Avenue subway station in Manhattan’s Midtown East retail corridor.
Plans for the site include a luxury residential tower with ground-floor retail that will offer expansive views of Central Park. The undeveloped parcel has zoning square footage that will accommodate up to 350,000 square feet with development slated to begin in March 2017.
HFF’s debt placement team was led by Christopher Peck and Jay Marshall.