Financing

  • Walter & Samuels lands $50M to refi NoMad office building

    Real estate firm Walter & Samuels has scored a $50 million loan to refinance its NoMad office building. Apple Savings provided the loan for 419 Park Avenue South, which replaces a previous $32 million mortgage and includes $18 million in new financing, according to documents filed with the city’s Department

  • Extell gets condo loan downtown and buys time for midtown tower

    Luxury-condo builder Extell Development Co. said it obtained a construction loan for a lower Manhattan project after months of delays, and bought more time to get financing for a planned tower on Billionaires’ Row in midtown. Extell got a $500 million loan for its One Manhattan Square development from a

  • Extell closes on $500M construction loan for One Manhattan Square

    Extell Development has finally scored a $500 million construction loan for One Manhattan Square, a $1.4 billion condominium project on the Lower East Side. The Gary Barnett-led firm also closed on a $300 million mezzanine loan from Scott Rechler’s RXR Realty. That financing, which was contingent upon Extell securing the construction

  • Flushing developer refis LIC skyscraper project with $100M from Bank of China

    Chris Jiashu Xu refinanced a Long Island City development site with a $100 million loan from the Bank of China, property records show. The Flushing-based developer plans to build a 79-story, 779,000-square-foot mixed-use tower at 23-15 44th Drive. Rising 984 feet, it is slated to be the neighborhood’s tallest tower. Xu

  • Isaac Chetrit, Aini secure $160M refi for 1412 Broadway

    Isaac Chetrit and Charles Aini scored a $160 million refinancing from Wells Fargo Bank for their 24-story Garment District office building at 1412 Broadway, sources told The Real Deal. The deal for the five-year loan, which carries a 2.85 percent interest rate, closed Wednesday, a spokesperson for Meridian Capital Group

  • L.H. Charney refis 1441 Broadway with $185M MetLife loan

    L.H. Charney & Associates refinanced its 460,000-square-foot office tower at 1441 Broadway with a $185 million loan from Metropolitan Life Insurance. The landlord, whose namesake founder died earlier this year at the age of 77, replaced $183 million in existing debt and landed a $2 million gap loan from the

  • Blackstone assumes $200M Fannie Mae mortgage for Kips Bay Court buy

    Blackstone Group will finance its reported $620 million purchase of Kips Bay Court by assuming the property’s existing $200.1 million Fannie Mae mortgage, according to the Real Deal. The company, which is in contract to buy the eight-building residential complex in the east side of Manhattan, will not take on

  • Aloha: New York Life Lends $59M Against Hawaiian Shopping Center

    An aerial view of Pearl City on the island of Oahu in Hawaii (Photo: Getty Images). Los Angeles-based Robertson Properties Group landed a $59 million refinancing from New York Life Real Estate Investors on Pearl City Gateway, a 146-205-square-foot shopping center located 11 miles outside of Honolulu Hawaii, Commercial Observer

  • Yankees plan $1 billion refinancing of stadium bonds

    The New York Yankees are seeking to become the latest professional sports club in the region to take advantage of record-low interest rates to lower borrowing costs by refinancing about $1 billion of bonds issued to build the team’s new stadium. The refinancing by the Yankees, who are second-to-last place in

  • Moskovits, Rubenstein land $197M construction loan

    Toby Moskovits’ Heritage Equity Partners and Philadelphia-based Rubenstein Partners have secured enough financing to start building their massive office project in North Williamsburg. Wells Fargo Bank and Natixis Real Estate Capital LLC have provided a $197 million construction loan to begin work on 25 Kent Avenue, the Wall Street Journal

  • Jeff Sutton, Partners Get $195M Refi for 529 Broadway in Soho

    UBS and Morgan Stanley have teamed up to provide $195.3 million in financing on Soho’s nearly completed, six-story retail development at 529 Broadway on the corner of Broadway and Spring Street, according to records filed with the city today. Jeff Sutton’s Wharton Properties, along with other high-level real estate investors Bobby

  • Deutsche Bank, SL Green Put Down $80M Financing on Midtown East Office

    New York-based AION Partners received an $80 million financing package from Deutsche Bank and SL Green Realty Corp. on a 19-story, fully-leased office property at 11 East 44th Street between Madison and Fifth Avenues in Midtown East, Commercial Observer has learned. Headed by former finance execs Michael Betancourt and Siraj

  • Newmark inks $30M refinance for 5-9 Union Square West

    Newmark Holdings has just closed on a $30 million in refinancing for 5-9 Union Square West, an eight-story, 105,000-square-foot mixed-use building in Union Square. The announcement was made by co-principals Eric Gural and Brian Steinwurtzel of Newmark Holdings. “Amalgamated Bank was the existing lender and competed aggressively with other lenders

  • Kaufman recaps Madison Square portfolio in $60M deal with China Orient

    The Kaufman Organization has refinanced its Madison Square Portfolio in a $60 million deal with Asian investment giant, China Orient. The four-building office portfolio was part of a job lot of Frank Ring buildings Kaufman bought from Extell 2014 and redeveloped as part of a strategic rebranding to attract TAMI

  • APF Properties scores $60M financing for 286 Madison Avenue

    APF Properties has secured $60 million in CMBS financing for a midtown office property in a deal arranged by Meridan Capital. The ten-year loan, provided by Jeffries LoanCore, features a fixed-rate of 3.80 percent and full-term interest-only payments. The transaction was negotiated by Meridian senior managing director Tal Bar-Or, vice

  • Transactions: Dansker’s $950,000 loan in Brooklyn, Meridian’s $7M financing in Astoria

      Meridian Capital announced the following transactions: $7 million in permanent financing for the purchase of a warehouse in Astoria, Queens. The one-year acquisition loan, provided by a local balance sheet lender, features full-term interest-only payments. This transaction was negotiated by Bryan Geffen and Brian Flax. The single-story, 10,000 s/f

  • Collateral Backing $133M Pennsylvania Mall Loan Dips to $11M in Value

    The collateral backing the $133 million Galleria at Pittsburgh Mills loan has taken a nosedive in value to only $11 million, according to data from Trepp. The loan represents 10.35 percent of the collateral behind the Morgan Stanley-sponsored MSC 2007-HQ11 deal. The property, located at 590 Pittsburgh Mills Circle in

  • Blackstone to finance $620M Kips Bay Court buy with Fannie Mae loan

    To finance its $620 million purchase of Kips Bay Court, Blackstone Group plans to assume the existing $200.1 million Fannie Mae mortgage and will not seek additional debt, sources told The Real Deal. Wells Fargo Bank provided the 10-year loan on the eight-building, 894-unit rental complex in 2013, replacing a $90

  • Bank of the Ozarks Lends $56M Against Starwood-Branded Hotel Development in Florida

    Meridian Capital Group negotiated a $56.1 million loan from Bank of the Ozarks on behalf of Philadelphia-based Wurzak Hotel Group and DoveHill, Commercial Observer has learned. The financing, which closed today, will fund the development of a 23-story, dual Starwood Hotels & Resorts Worldwide-branded hotel in Fort Lauderdale, Fla. The

  • Newmark Bags $30M for Union Square Mixed-Use Property

    Amalgamated Bank has provided a $30 million loan to Newmark Holdings to refinance 5-9 Union Square West, sources tell Commercial Observer. The property is an an eight-story, 105,000-square-foot mixed-use building located in Union Square. It is currently over 93 percent leased, with a roster of tenants that includes Staples and

  • Blackstone, SL Green lend $240M on RPW’s 275 Madison buy

    Robert Weisz’s RPW Group locked in a $240 million loan from Blackstone Group and SL Green Realty to purchase the 44-story office tower at 275 Madison Avenue in Midtown, sources told The Real Deal. The Westchester County-based landlord closed Friday on the $270 million purchase of the landmarked 336,000-square-foot tower at East 40th Street,

  • Carlyle Group Snags $115M Wells Deal to Refi Housing Portfolio

    A typical manufactured housing community (Photo: Getty Images). Wells Fargo originated a $115 million loan to refinance 32 manufactured home communities across the country on behalf of Ronald Singer’s Carlyle Group, Commercial Observer has learned. The nonrecourse, fixed-rate loan carries a seven-year term and is part of Wells Fargo’s initiative

  • John Hancock Lends $41M Against Florida Office Property

    CBRE arranged a $41 million mortgage from life company John Hancock Financial to refinance Presidential Circle, a Class A office in Hollywood, Fla., Commercial Observer can first report. CDR Realty, a private company, is using the new loan to replace debt from MetLife and complete upgrades on the property. The

  • TRANSACTIONS: The week of August 17, 2016

    Meridian Capital announced the following transactions: A new mortgage of $3,375,000 on a 162-unit multifamily property located on Clarks Pond Road in Bridgeton, NJ. The loan features a rate of 2.875% and a three-year term. This transaction was negotiated by Jim Bologno. • New mortgages totaling $28,300,000 on two multifamily

  • TCX Development Bags $18M Construction Loan From Santander

    A rendering of 177-30 Wexford Terrace in Jamaica, Queens. Meridian Capital Group has secured $17.9 million in construction financing on behalf of TCX Development, Commercial Observer can first report. The three-year, interest-only construction loan was provided by Santander Bank, sources tell CO. The debt will be used to fund the ground-up

  • ASB leverages luxury Virginia asset for $105M loan

    ASB Real Estate Investments has refinanced two properties it bought for $220 million in 2013. Prudential Mortgage Capital Co. provided the $105 million loan, with Cushman & Wakefield brokering the transaction. The senior financing is secured by Sedona Slate, a 2013-constructed, 474-unit, Class-A multifamily apartment property in Rosslyn, Virginia. The

  • Citizens Bank Lends $65M to for National Office Portfolio

    Sabal Financial Group and Oak Tree Capital Management landed $65 million in nonrecourse bridge financing from Citizens Bank on a 1.4-million-square-foot, 11-property office portfolio that spans six states, Commercial Observer can first report. A group of debt and equity brokers from Mission Capital Advisors negotiated the debt, which closed on

  • RXR shaves Extell’s One Manhattan Square loan by $163M

    If Gary Barnett can’t score a big loan at very favorable terms, is there hope for anyone in New York? For the fourth time, Extell Development, one of the city’s foremost developers, announced that the closing of a crucial mezzanine loan for three projects from fellow developer RXR Realty would be

  • Sam Chang Nabs $215M from Deutsche Bank for Hell’s Kitchen Hilton Doubletree

    Deutsche Bank is seeing double. Sam Chang’s McSam Hotel Group received a $215 million mortgage from the German banking giant for the 35-story Doubletree by Hilton hotel at 346-350 West 40th Street, according to records filed with the city today. The new debt from Deutsche Bank refinances a $52 million

  • Triple Five plots financing for NJ’s $5B American Dream project

    If New Jersey’s American Dream finally becomes a reality, it could cost nearly $5 billion. Developer Triple Five is hoping to revive construction on the long-delayed retail and amusement project — formerly known as Xanadu — planned for East Rutherford, the Wall Street Journal reported. The 2.9-million-square-foot project broke ground