The Deal Sheet: Part II
CONSTRUCTION & DEVELOPMENT
Hines, Pacolet Milliken Enterprises, and J.P. Morgan-advised investors broke ground on 7 Bryant Park. Pei Cobb Freed's Henry Cobb and Yvonne Szeto designed the 470k SF building and Turner Construction will deliver it in Q1 '15.
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The Feil Org finished the Goldstein Hill & West Architects-designed lobby and entryway renovation at 7 Penn Plaza and the lobby redo at 488 Madison Ave.
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Dow Hotel Co and Prudential's $16M renovation of the 303-key Hilton Long Island/Huntington at 598 Broad Hollow Rd in Melville is complete. A steakhouse will open in Q2.
FINANCING
The Singer & Bassuk Org arranged a $90M first mortgage for Rockrose Development's Creative Arts Building at 300 Park Ave S. The owner rebranded the building and leased it up last year.
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Berkadia Commercial Mortgage's Robert Lipson arranged a $41.5M Freddie Mac refi for the 220-unit, 99% leased Barclay Square at Princeton Forrestal apartments.
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GCP Capital Group's Paul Greenbaum arranged $35M for an 87-unit elevator apartment building with on-site parking and storage on Gold Street in Brooklyn. Colleague Matthew Classi negotiated a $7M acquisition and construction loan for the redevelopment of a church into commercial building, plus a new bank building.
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Meridian Capital Group's Jeff Weinberg,Moshe Majeski, and Simon Rosenfeld negotiated a $20M loan for a 46-unit apartment building on Broadway.Isaac Filler and Sam Shifer placed $14M on a 110-unit property on Brooklyn's Ocean Avenue. Isaac also placed $17.6M for 166 apartments on Eighth Avenue and 85th Street and on Brooklyn's East 25th Street.Morris Diamant and Jacob Rochlitz arranged $11M on four buildings totaling 30 apartments and 8,000 SF of retail on First Avenue.Elliott Birnbaum negotiated $8.3M for three buildings totaling 24 apartments on Avenue A.Avi Weinstock arranged $6.1M for 34 apartments on First Avenue and Saint Mark's Place in Manhattan. And Elliott Treitel arranged $5.5M for a 15-unit mixed-use apartment building on St. Mark's Avenue, Brooklyn.
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Eastern Union Funding's Shaya Ackerman arranged $20M to refi a mixed-use property and $18M for a medical sale-leaseback in Secaucus. Colleagues David Metzger and Jonathan Singer arranged $19M to refi four Brooklyn multifamily buildings. And Nate Hyman negotiated $6.3M to refi a 24-unit multifamily building on Brooklyn's Goodwin Street.
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Feinstein Raiss Kelin & Booker's Richard Kelin, Meridian Capital Group's Morris Diamant, and Madison Title Agency's Michael Donini negotiated $18.7M in refis for 10 multifamily properties in Hudson County, NJ, and one in Brooklyn, all managed by Lafayette Realty's Joseph Rosenberg. Signature Bank's Nicholas La Morte arranged the capital.
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HKS Capital's Ayush Kapahi arranged a $15.3M loan for a five-story, renovated office building in Tribeca and an $11M loan for a 36-unit apartment building in Brooklyn.
BUSINESS
American Realty Capital Properties' acquisition of American Realty Capital Trust III was approved by shareholders on Feb. 26 and closed Feb. 28. NASDAQ's David Wicks accompanied American Realty Capital co-founder William Kahane and ARCP chief investment officer Peter Budko, CEO Nick Schorsch, and prez Edward Weil Jr. as they rang the NASDAQ closing bell on Friday. The $3.1B company is one of the largest public US REITs. Its portfolio is 692 properties totaling 16.4M SF in 44 states and Puerto Rico. That includes $212M worth of properties added this year, and $140M of acquisitions are in the 60-day pipeline.
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Vornado's Mike Fascitelli resigned as president & CEO, effective April 15, after 16 years with the company. Former CEO and current chairman Steven Roth will retake his CEO seat.
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ID Real Estate Partners'Ira Fishman and Dana Moskowitz and Citi-Urban Management's Nathan Halegua and Josh Halegua bought Winoker Realty Co, where Ira worked from '98 to '08. The new owners plan to diversify into acquisitions.
Trans fats, large drinks, now loud music. We wouldn't mind a ban on talking on the subway during morning rush hour (90% of us know the rule is to look down, appear gruff, and remain silent). What would you like Mayor Mike to ban next? Email amanda.metcalf@bisnow.com.
