Mortgage Observer

Helaba Finances 1035 Third Avenue Condo Buy

1035 Third Avenue.

The German bank Helaba provided a $42 million loan to Acadia Realty Trust for the purchase of retail, office and parking condominium space on Manhattan’s Upper East Side, Mortgage Observer has learned.

Acadia, based in White Plains, N.Y., acquired the mixed-use property at 1035 Third Avenue for $51 million through its Strategic Opportunity Fund IV platform, according to the REIT’s latest earnings report. The seller is listed as O’Connor Capital Partners led by the former Cushman & Wakefield CEO Glenn Rufrano. Read More

Mortgage Observer

HFF Brokers $110M Hotel Portfolio Financing Led by CCRE

Sheraton Orlando North.

New York-based CCRE led the financing on a $110 million loan for a 2,566-key, full-service hotel portfolio with seven properties in Florida, California, Virginia, Ohio and New Mexico, Mortgage Observer has learned.

HFF worked on behalf of the borrower—a joint-venture partnership between the $9 billion global alternative investment firm Värde Partners, the privately held investment group Waramaug Hospitality Management and the New York-based global hotel management company Interstate Hotels & Resorts—to secure the five-year, floating-rate loan from a group of lenders. Read More

Mortgage Observer

Normandy Refinances New Jersey Office Park

Park Place.

Normandy Real Estate Partners took out a $65.5 million loan from First Niagara Bank and Principal Real Estate Investors for a four-building office park in Florham Park, N.J., totaling 351,684 square feet, Mortgage Observer has learned.

The three-year, floating-rate loan arranged by HFF will be used to retire existing debt and upgrade amenities at the property, known as Park Place, to meet “best-in-class” standards and fund leasing costs for new tenants, according to the brokerage firm. Read More

Mortgage Observer

AIG Finances LargaVista’s 300 Lafayette [Updated]

Rendering of 300 Lafayette.

American International Group provided a $40 million mortgage to Brooklyn-based LargaVista Companies for the fee simple interest in a development site on Lafayette Street in Soho, Mortgage Observer has learned.

The 20-year, fixed-rate loan was brokered by an HFF team led by Senior Managing Director Michael Tepedino and Managing Director Michael Gigliotti. HFF will also service the loan, according to the firm. The broker and borrower declined to name the lender. Read More

Mortgage Observer

Blackstone Lends $85M On Tavros’ Meatpacking Buy

44 Ninth Avenue

A joint venture between Tavros Capital and Arel Capital bought three Meatpacking District properties—including one with the potential to become a global flagship store—with $85 million from Blackstone Mortgage Trust.

The three properties, on 14th Street, 15th Street and Ninth Avenue, cost a total of $105 million, confirmed Nicholas Silvers, a co-founder of New York-based Tavros, a developer and real estate investment manager. His firm also nabbed development rights along 15th Street, though it is not clear what, if anything, the firm will build with them.  Read More

Mortgage Observer

Brokers and Lenders on the Rise

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What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. Read More

Mortgage Observer

Bancorp Bank Provides Bridge Loan on Denholtz Jersey Office Property

Metro Park South.

The Bancorp Bank, a 14-year-old domestic Internet bank, provided floating-rate bridge financing to Denholtz Associates to recapitalize a 132,721-square-foot office property the firm owns in Matawan, N.J., Mortgage Observer has first learned.

HFF worked on behalf of the private development and management firm to secure the three-year $14.5 million loan on Metro Park South, which is located at 100 Matawan Road, off of the Garden State Parkway. Read More

Mortgage Observer

Cornerstone Lends $92.5M on Office Portfolio

Soundview Plaza

Cornerstone Real Estate Advisers, a subsidiary of Massachusetts Mutual Life Company, lent $92.5 million to Pennsylvania-based real estate investor and manager Keystone Property Group, according to a press release from brokerage HFF, which arranged the deal.

Keystone will use the proceeds of the three-year, floating-rate loan to upgrade several Connecticut and Westchester County, N.Y. office properties it recently acquired in a J.V. with Mack-Cali Realty Corporation. Read More

Mortgage Observer

HFF Secures $175M Refi from TIAA-CREF

Lion Industrial Trust Property, Flower Mound, TX.

A $175 million fixed rate loan was secured by HFF on behalf of Lion Industrial Trust, a fund managed by Clarion PartnersMortgage Observer has learned. The loan term is 10 years, according to HFF Senior Managing Director John Rose, who led the team representing the borrower.

The fund will use the loan, provided by retirement fund TIAA-CREF, to refinance a 4.99 million-square-foot industrial property portfolio, which is just over 94 percent leased, the statement said.  Read More

Mortgage Observer

Blackstone Refis Chicago Office to the Tune of $82M

444 North Michigan Avenue

HFF has arranged an $82.15 million refinancing for a 517,115-square-foot office property in Chicago, Mortgage Observer has exclusively learned. The building, at 444 North Michigan Avenue, is owned by GLL Real Estate Partners.

Working on behalf of Munich-based international real estate fund manager GLL, HFF sourced the floating-rate loan provided by Blackstone Mortgage Trust, a representative for the brokerage said Read More

Sales Beat

West Side Development Site Trades for $43M

505-513 West 43rd Street. (PropertyShark)

Elad Group has acquired the 20,030-square-foot vacant lot at 505-513 West 43rd Street from Rhode Island-based Magna Hospitality Group for $43 million, according to city property records. Robert Indeglia, the president and chief executive officer of Magna Hospitality, confirmed the sale in an email to Commercial Observer.

As previously reported, the site hit the market last summer with an asking price of $300 per buildable square foot, or nearly $50 million. Located between 10th and 11th Avenues, the lot can accommodate 160,664 square feet of zoning floor area and 190 residential units. Read More