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3ELEVEN in New York City
FinanceNew YorkNewsNortheast

Newmark, Greystone Arrange $560 Million Refinancing for 60-Story 3ELEVEN in Manhattan

by Channing Hamilton

NEW YORK CITY — Newmark Group Inc. and Greystone Capital Advisors have arranged $560 million in floating-rate debt for the refinancing of 3ELEVEN, a 60-story high-rise community located just south of Manhattan’s Hudson Yards district. Ares Management and Douglaston Development were the borrowers. Jordan Roeschlaub and Nick Scribani of Newmark, in collaboration with Jonathan Firestone, Drew Fletcher, Paul Fried and Bryan Grover of Greystone Capital Advisors, arranged the debt. The financing will repay the HSBC construction loan. 3ELEVEN comprises 938 apartments in studio through three-bedroom layouts. Community amenities include a pool with cabanas, …

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The Victoria in New York City
FinanceNew YorkNewsNortheast

Walker & Dunlop Arranges $148 Million Refinancing for The Victoria in Harlem

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop (NYSE: WD) has arranged the $148 million refinancing of The Victoria, a mixed-use property in the Harlem neighborhood of Upper Manhattan. The project was constructed around the neighborhood’s historic Victoria Theater. According to Walker & Dunlop, The Victoria is the tallest building in Harlem.  The Victoria comprises 191 apartments, as well as 23,000 square feet of retail space, a 211-room Marriott-branded hotel and 52 below-grade parking spaces. The 30-story building was completed in the third quarter of 2023. Aaron Appel, Keith Kurland, Jonathan …

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75 Glenwood Ave. in Yonkers, New York
Investment SalesNew YorkNewsNortheast

Redwood Realty Advisors Brokers $2.6 Million Sale of 18-Unit Portfolio in Yonkers, New York

by Channing Hamilton

YONKERS, N.Y. — Redwood Realty Advisors has arranged the $2.6 million sale of an 18-unit portfolio in Yonkers. The portfolio comprises eighteen units across multiple buildings at 53 & 74-76 Glenwood Ave. Michael Scrima and Thomas Gorman of Redwood Realty Advisors represented both the buyer and seller in the deal. Neither party’s name was disclosed. 

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Affordable HousingDevelopmentNew YorkNewsNortheast

Partnership Receives $332.3 Million in Financing for Redevelopment of West Brighton I and II on Staten Island

by Channing Hamilton

NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $29 Million Sale of Three-Property Portfolio in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of three properties in Manhattan’s East Village neighborhood. Located at 129 Second Ave. and 36 Saint Marks Place, the buildings all rise six stories. The portfolio totals 59 apartments, as well as 10 retail units. Ryco Capital sold the portfolio to Jonis Realty for $29 million. Both parties are locally based. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller and procured the buyer.

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230 Classon Ave. in New York City
Investment SalesNew YorkNewsNortheast

Cushman & Wakefield Arranges $56 Million Refinancing for 138-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit property located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group. The community offers one- and two-bedroom units. Amenities include a private park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations.

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Sack Wern Houses in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Partnership to Undertake $275 Million Renovation of Affordable Sack Wern Houses in the Bronx

by Channing Hamilton

NEW YORK CITY — A partnership consisting of locally based firm Douglaston Development, investor Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYCHA) will conduct a $275 million renovation of Sack Wern Houses in the Soundview neighborhood of The Bronx. The affordable housing community comprises seven buildings and is home to more than 800 residents. The rehabilitation will cover more than 400 apartment units, as well as common areas and building infrastructure and utility systems. The renovation will be carried out through the NYCHA’s …

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340 Nevins Street in Brooklyn, New York
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital, Kennedy Wilson Originate $160 Million Construction Loan for 340 Nevins Street in Brooklyn, New York

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC and Kennedy Wilson have originated a $160 million senior construction loan for 340 Nevins Street, a 320-unit apartment project in Brooklyn’s Gowanus neighborhood. A joint venture between Tavros Holdings and Charney Cos. is undertaking the development project. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing. 340 Nevins Street will rise 22 stories. The community will offer studio, one-, two- and three-bedroom apartments. Twenty-five percent of the units will be set aside as affordable housing. Income restrictions for these units have not …

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Mason Gray in New York City
DevelopmentFinanceNew YorkNewsNortheast

Invictus Real Estate Partners Provides $69 Million Bridge Loan for Mason Gray in Brooklyn

by Channing Hamilton

NEW YORK CITY — New York-based Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit property in Brooklyn’s Crown Heights neighborhood. The developer, Hope Street Capital, will use the funds to support minor construction work required to complete the seven-story building. Once completed, Mason Gray will feature 110 market-rate apartments, as well as 48 units designated for New York City’s 421-a Affordable Housing Program. Units will primarily come in one-bedroom floor plans. The community will offer amenities such as a fitness center, a …

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Elements at Saratoga Lake in Saratoga Springs, New York
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $67.5 Million Refinancing for Elements at Saratoga Lake in Saratoga Springs, New York

by Channing Hamilton

SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake in Saratoga Springs, approximately 35 miles north of Albany, New York. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development. Elements at Saratoga Lake consists of 26 residential buildings and a clubhouse. The property offers 260 units in one- and two-bedroom floor plans. Amenities include indoor and outdoor pools, a …

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