NEW YORK CITY — Ariel Property Advisors has negotiated a $25.3 million loan for the refinancing of an 82-unit building on Manhattan’s Upper West Side. The property is situated at 120-125 Riverside Drive. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The borrower plans to use the proceeds to fund capital improvements to the property. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors led the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit project located at 975 Nostrand Avenue in Brooklyn. The loan was provided by Santander and Related Cos. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield represented the borrower. The nine-story building will offer amenities such as a roof terrace, courtyard, fitness center and yoga room, karaoke room and a pet spa. The property will also include a 21,000-square-foot FRESH supermarket, 4,200 square feet of traditional retail space and 193 below-grade …
NEW YORK CITY — Rosewood Realty Group has negotiated the sale of a 29-unit property located at 407 W. 205th Street in Manhattan’s Inwood neighborhood. Gilman Management purchased the building from family office Ramer & Saperstein for $2 million. Ben Khakshoor, Aaron Jungreis and Alex Fuchs of Rosewood represented both the buyer and the seller in the deal. The asset traded at a cap rate of 7.8 percent. The building rises five stories and was originally built in 1911.
NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit project located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the five-year, interest-only loan through QuadReal Property Group. The borrower was EMP Capital Group. The development will consist of two adjourning buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. The unit mix will include 56 studios, 139 one-bedroom apartments …
NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for a development located at 2366 Bedford Ave. in Brooklyn’s Flatbush neighborhood. Leah Paskus of Landstone Capital Group negotiated the loan on behalf of the borrower and developer, Clipper Equity. The community will comprise 354 units across seven stories. The property will also include ground-floor retail space and on-site parking. Planned include a café/business lounge, wet and dry saunas, golf simulator and a cycling studio. S. Wieder Architect PC …
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $108.2 million in bridge financing for The Shoreline, a mixed-use community in Brooklyn. The borrowers, Solomon Rubin and Chesky Rosen, will use the funds to refinance existing debt and complete the construction and lease-up of the project. The 31-story building includes 248 apartments, as well as 28,600 square feet of commercial space. Units come in studio, one- and two-bedroom floor plans. The Shoreline also features 25,000 square feet of amenities, including a pool, fitness center, game …
ALBANY, N.Y. — KeyBank Real Estate Capital (KBREC) has provided a $14.2 million fixed rate loan through Fannie Mae to refinance existing debt for 930 on Broadway, a workforce housing community in the Warehouse District of Albany. Dirk Falardeau and Mark Flanders of KBREC Commercial Mortgage Group structured the financing. Redburn Development Partners was the borrower. 930 on Broadway comprises a four-story building housing 81 apartments, as well as 12,155 square feet of commercial space. The property is situated on a 1.5-acre site and offers 47 parking spaces. Redburn Development Partners …
NEW YORK CITY — Slate Property Group has secured a $97 million loan for the refinancing of The Yellowstone, a 166-unit community located within the Forest Hills neighborhood of Queens. Daniel Fromm of Newmark negotiated the five-year, fixed-rate loan through Apollo Global Management on behalf of Slate Property Group. The Yellowstone offers one- and two-bedroom units that range in size from 475 to 950 square feet. Units feature granite countertops and backsplashes, stainless steel appliances and in-unit washers and dryers. Select units also include private balconies. The community offers amenities …
YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted the final approval of financial incentives for Teutonia Hall, a $458 million project comprising two 41-story residential towers. AMS Acquisitions is the developer. Teutonia Hall will offer a total of 906 apartment units, 91 of which will be affordable. Income restrictions on the affordable units were not disclosed. The property will also feature 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as …
NEW YORK CITY — Rosewood Realty Group has negotiated the sale of a 60-unit property located at 560-562 W. 175th St. in Manhattan’s Washington Heights neighborhood. The community was originally constructed in 1924. The property rises five stories and includes two commercial spaces. Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller in the deal. Both parties were private investors.