Helaba Finances 1035 Third Avenue Condo Buy
Damian Ghigliotty March 2, 2015, 11:24 a.m.
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.
“The property is a two-level retail condo situated at the base of a residential building and also includes second-floor office space and underground parking,” Acadia’s earnings report states.
HFF secured the six-year, floating-rate mortgage from Helaba. The deal closed on Jan. 30. Additional funds from the debt will be used to reposition the property, according to the brokerage firm.
Senior Managing Director Mike Tepedino, Director Jennifer Keller and Real Estate Analyst Andrew Lane led the HFF team representing the borrower.