Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.
Issue link: https://northeastrealestatebusiness.epubxp.com/i/632700
14 • January/February 2016 • Northeast Real Estate Business www.REBusinessOnline.com N E W Y O R K northeast@francemediainc.com PARAMOUNT COMPLETES $1 BILLION REFINANCING OF 1633 BROADWAY NEW YORK CITY — Paramount Group has completed a $1 billion re- fnancing of 1633 Broadway, a 2.6 million-square-foot offce building in Manhattan. The seven-year loan is interest only at LIBOR plus 175 basis points and can be increased by $250 million to a total $1.25 billion. The proceeds from the loan were used to repay an existing $926 million loan and fund $42 million of swap break- age costs. Landesbank Banden-Würt- temberg New York Branch, Landes- bank Hessen-Thüringen Girozentrale, DekaBank Deutsche Girozentrale, ING Capital and Wells Fargo Securi- ties served as joint lead arrangers for the loan. Landesbank Banden-Würt- temberg New York Branch will serve as administrative agent and Wells Far- go National Association will serve as syndication agent. Eastdil Secured ar- ranged the fnancing for the borrower. READY CAPITAL CLOSES $17.6 MILLION LOAN FOR MULTIFAMILY PROPERTY PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide com- mercial real estate bridge and mez- zanine lender, has closed a $17.6 mil- lion value-add loan for a multifamily property in Penfeld. The loan features a three-year term with a one-year ex- tension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, man- ages and fnances non-recourse foat- ing- and fxed-rate loans of up to fve years on transitional, value-add and event-driven commercial and multi- family real estate opportunities. ARIEL BROKERS $90 MILLION SALE OF MULTIFAMILY PORTFOLIO IN THE BRONX NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily build- ings located in the Bronx for $90 mil- lion, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Vic- tor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfeld, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Manage- ment, and procured the buyer, a pri- vate investor, in the transaction. IRG PURCHASES 2 MILLION SF PFIZER CAMPUS IN PEARL RIVER, N.Y. PEARL RIVER, N.Y. — Industrial Re- alty Group (IRG) has acquired the more than 2 million-square-foot Pfz- er campus in Pearl River, located 20 miles north of Manhattan. IRG plans to transform the 200-acre campus into a dynamic mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County. The acquisition includes ap- proximately 38 buildings of laborato- ry, manufacturing, offce and support buildings. Pfzer will retain and oper- ate 500,000 square feet and lease back approximately 1.2 million square feet from IRG. Terms, including sales price, of the acquisition were not released. HERITAGE EQUITY, LICHTENSTEIN GROUP TO REDEVELOP FIVE WAREHOUSES IN BROOKLYN NEW YORK CITY — Heritage Eq- uity Partners and Lichtenstein Group have partnered to redevelop fve va- cant warehouses into Bushwick Gen- erator. The interconnected buildings at 215 Moore St. in Brooklyn will be transformed into a 75,000-square-foot light industrial, offce and retail prop- erty, offering space offce or work- spaces ranging from 1,500 square feet to 20,000 square feet. Brooklyn-based ABS Partners has been retained as the offce leasing agent for the property, which is geared toward new economy industries, including tech, creative arts and food production. Calling Experienced Commercial Leasing Brokers! Brady Sullivan Properties is growing fast! We are seeking an experienced, self-motivated individual to join our growing Commercial Leasing Team in Manchester, NH. Responsibilities include: • Canvass prospective clients and leads through a variety of approaches. • Arrange meetings with prospective clients and maintain long-term client relationships. • Implement strategies set forth by brokerage team leader. • Schedule and conduct site tours. • Gather relevant market data to help prepare market surveys and/or marketing material with our marketing team. The right candidate has a proven track record of closing deals and excels in an energetic, fast-paced environment. He or she has strong communications skills and is a self-starter. Think this is you? Please send your resume & cover letter to: Sinea Johnson at sjohnson@ bradysullivan.com RELATED COS., OXFORD PROPERTIES CLOSE ON $1.3 BILLION IN FINANCING FOR 15 HUDSON YARDS NEW YORK CITY — Related Companies and Oxford Proper- ties Group have closed on $1.3 billion in fnancing to fund 15 Hudson Yards, the frst residen- tial tower at the 28-acre Hudson Yards mixed-use development on Manhattan's West Side. Already under construction, the building contains both rental and for-sale condominium apart- ments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofdio + Renfro and Rockwell Group to obtain LEED Gold certifcation, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 sto- ries, as well as 106 rental units. The property will offer unob- structed views of the city and Hudson River. Hudson Yards is being devel- oped by Related Cos. and Ox- ford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, includ- ing the frst Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the High Line and directly connected to the Culture Shed, a multi-purpose venue that will host art, design and special events, including New York's Fashion Week. Hudson Yards will also serve as the corporate home to Boies, Schiller & Flexner; The Boston Consulting Group; Coach Inc.; global investment frm KKR; L'Oréal USA; German software engineering frm SAP; Time Warner Inc.; and VaynerMedia. When the development is completed in 2024, more than 125,000 people a day will visit, work in, or live in Hudson Yards. The 17 million-square-foot Hudson Yards de- velopment will feature more than 100 shops and restaurants, 5,000 residences, 14 acres of public open space, a 750-seat public school and a 200-room hotel. This story frst appeared at REBusinessOnline.com. To receive daily news via email, subscribe at www.rebusinessonline.com.