Mortgage Observer

J.P. Morgan Provides $150M for Hotel Portfolio

A Marriott SpringHill Suites hotel

JLL secured $150 million in acquisition financing from J.P. Morgan on behalf of a joint venture between Blue Mountain Capital and Aimbridge Hospitality, Mortgage Observer has exclusively learned. The J.V. purchased a 16-property select-service hotel portfolio with assets in Kentucky and Ohio.

The 1,776-key portfolio features seven Courtyard by Marriotts, seven TownPlace Suites and two SpringHill Suites hotels in Cincinnati, Cleveland, Columbus and Toledo, according to JLL. The properties recently underwent upgrades.  Read More

The Lobby

Cassidy Turley Hires Nonprofit Group Co-Leader

Janet Woods

Cassidy Turley hired an experienced broker for charities and foundations to help lead its nonprofit practice group, the company announced last week.

Janet Woods has joined Cassidy Turley as co-leader alongside David Lebenstein to play the same role she formerly served at JLL as a representative for the Girl Scouts of Greater New York, the Children’s Aid Society, the NAACP Legal Defense Fund and other nonprofit clients. Read More

Mortgage Observer

Hidrock Scores $45M in Acquisition Funds From Bank of Ozarks, Ladder

12 East 48th Street

Bank of the Ozarks and Ladder Capital lent $45.5 million in funds for a seasoned New York City investor to buy a three-lot land assemblage in the Rockefeller Center area for $47 million, Mortgage Observer has learned. The buyer, HID Acquisition Group LLC, a subsidiary of Hidrock Realty, closed on the parcels last month and plans to build a residential condominium, Hidrock’s CEO said.

Bank of the Ozarks provided $26 million in a senior mortgage, while Ladder Capital lent $19.5 million in mezzanine funds, a source told MO. Read More

The Lobby

JLL Hires Amanda Bokman for New York Office

Amanda Bokman.

JLL has hired Amanda Bokman as a managing director, Commercial Observer has learned.

Based out of JLL’s New York office, Ms. Bokman will focus on new business development and tenant representation, and will work closely with Robert Martin, the firm’s vice chairman and head of brokerage, according to a press release issued by the company. Read More

Mortgage Observer

Terra Capital and Santander Lend on JDS Luxury Condo Project Near High Line

514 West 24th Street

A joint venture between JDS Development Group and Largo Investments received financing from New York-based mezzanine lender Terra Capital Partners and Santander Bank to fund the predevelopment of a luxury condominium at 514 West 24th Street, Mortgage Observer has first learned.

Terra Capital provided a $12 million preferred equity investment to coincide with an $18 million senior loan from Santander. Read More

Mortgage Observer

Steiner Seeking $300M Construction Loan for DoBro Resi Building   

A rendering of the planned tower at Flatbush and Schermerhorn.

As Downtown Brooklyn continues to sprout luxury residential spires, one developer is ready to join the herd—and needs some cash to do so.

Doug Steiner’s firm, Steiner NYC, is on the hunt for $300 million in construction financing to build a residential rental building at Flatbush Avenue and Schermerhorn Street in Downtown Brooklyn, a source told Mortgage Observer. A representative for Steiner declined to comment. Read More

Lease Beat

Navigant Moving to TIAA-CREF’s 685 Third Avenue

685 Third Avenue. (CoStar)

Global professional services firm Navigant has signed a 10-year, 72,060-square-foot lease at TIAA-CREF’s 685 Third Avenue.

The tenant currently occupies 52,000 square feet at 90 Park Avenue on a sublease deal, according to The New York Post, which first reported the lease. Navigant also occupies a single floor at 119 West 40th Street, which the company picked up with its acquisition of Easton Associates in 2012. Read More

Mortgage Observer

Q&A: Richard Stanley, Head of Real Estate Workout Strategy for Europe, JLL

Richard Stanley of JLL

Mortgage Observer sat down with Mr. Stanley in his Soho, London, office to chat about the euro zone debt crisis, the burgeoning recovery there and the biggest American investors in European and U.K. debt.

Mortgage Observer: How long have you been involved in real estate finance?

Richard Stanley: I have run the real estate banking advisory team at JLL since 2009, and before that I ran the same team at DTZ. I’ve been doing this for 20-some years. Longer than I care to mention. Read More

Lease Beat

Three Tenants Snap Up Full-Floor Leases at 475 Fifth Avenue [Updated]

475 Fifth Avenue.

Three tenants have nabbed full floors totaling 28,190 square feet at 475 Fifth Avenue between 40th and 41st Streets.

Torchlight Investors, an investment management firm has signed a deal for 16,029 square feet on the entire 10th floor of the building. Square 1 Bank signed for 7,842 square feet, spanning the entire 18th floor, and Daikin, a global air conditioning and refrigeration provider, has signed for 4,319 square feet over the entire 21st floor. All of the lease are for 10 years, according to JLL, which represented the building in the deals. Read More

Mortgage Observer

New York Buyer Seeks $38M Loan for Philadelphia Office Building

Penn Center

The New York-based real estate investment firm the Nightingale Group is in negotiations to acquire a Philadelphia office building and is seeking a $38 million loan for the transaction, a person familiar with the transaction told Mortgage Observer exclusively on background.

Nightingale recently agreed to purchase the 19-story office property, Seven Penn Center, from Arden Seven Partners, an affiliate of the Arden Group in Philadelphia, for $42 million. Now, the firm is on the hunt for a five-year floating-rate loan to help cover the cost, the person said. Read More

Lease Beat

Skip Hop Renews and Grows in Midtown South

50 W. 23rd.

Baby products company Skip Hop signed a new eight-year lease at 50 W. 23rd Street nearly two years before their current term expired, Crain’s New York Business reported Tuesday.

The wholesaler and online retailer will expand to 19,000 square feet on the 10th and 11th floors of the 14-story building and avoid looming expected rent increases in the humming district. Read More

Lease Beat

Law Firm Signs Lease at 875 Third Avenue

875 Third Avenue. (JLL)

International law firm Troutman Sanders LLP has signed a 15-year, 87,126-square-foot lease at Eastgate Realty’s 875 Third Avenue, according to an announcement made today by the landlord’s broker.

The tenant will occupy floors 15 through 17 and pay rent starting in the $50s per square foot, The Real Deal first reported. Troutman Sanders will relocate from the Chrysler Building. Read More

Mortgage Observer

JLL’s Peter Nicoletti Wants to Dominate the Middle Market … And Now

Peter Nicoletti

Brokers are an ambitious lot, especially the most successful ones. Peter Nicoletti would count among those easily.

The 45-year-old broker who helms JLL’s rapidly expanding capital markets group has brokered some of the biggest and most complicated financings in New York City. And when it comes to ambition, he doesn’t mince words.

“The goal here is to be the top equity and debt provider in New York City,” he said of JLL at an interview in his Madison Avenue office last month. “It’s not a long-term plan.” Read More


TIAA-CREF Taps JLL to Lease, Manage 685 Third Ave.

685 Third Avenue. (CoStar)

Asset manager TIAA-CREF has hired JLL as the exclusive office leasing agent and property manager at 685 Third Avenue. The real estate services firm replaces CBRE as the building’s leasing agent.

“The market is moving in the landlord’s favor and they want to accelerate leasing velocity,” Matt Astrachan, a vice chairman at JLL and a member of the leasing team, told Commercial Observer. “It’s a great asset that just needed to be better understood by the market and so far we’ve been successful.” Read More