Holliday Fenoglio Fowler arranged a $44 million refinancing for a fully-leased retail condominium located at 611 Avenue of the Americas in Manhattan’s Chelsea neighborhood.
Working on behalf of Gerald Brauser and Steven Brauser, of The Parkland Group, HFF secured the 15-year, fixed-rate, non-recourse loan through Allianz Real Estate of America, Inc. on behalf of the US Allianz insurance companies.
The retail condominium is at the base of a 10-story luxury residential property developed by Parkland in 2008.
In addition to three retail spaces, the building contains 41 luxury residences that were not included in the financing.
The retail condominium totals 30,000 s/f and is leased to three tenants – Chase Bank, Duane Reade and Modell’s Sporting Goods.
The HFF debt placement team representing the borrower was led by managing director Rob Rizzi and director Jennifer Keller.