M id A tlantic F inancial D igest F eaturing C reative F inancing Company secured $49.6 million in financing for Meridia Metro HFF closes $92 million sale of enclosed mall in Long Island, NewYork
Real Estate Journal — June 9 - 22, 2017 — 7A
estbury, NY — Hol l iday Feno- glio Fowler, L.P.
(HFF) has closed the $92 million sale of The Mall at the Source, a 723,326 s/f, enclosed mall, and a loan secured by the adjoining Fortunoff Building, a vacant anchor store formerly occupied by Fortunoff, located in the Long Island community of Westbury. HFF marketed the property on behalf of the co-sellers, LNR Partners, LLC as manager for CMAT 99-C1 Old Country Rd., LLC a subsidiary of Starwood Property Trust, Inc., and a REMIC trust for which C-III Asset Management LLC is the special servicer. A private for- eign buyer purchased The Mall at the Source free and clear of existing debt and effectuated a deed-in-lieu of foreclosure transaction simultaneous with closing of the Fortunoff loan to acquire title to the Fortunoff Building. The 512,528 s/f Mall at the Source and the 210,798 s/f Fortunoff Building includes a four-story parking garage with 2,813 spaces in addition to the 1,025 surface parking spaces. Situated on a total of 38 acres at 1504 Old Country Rd., the transit-oriented property is positioned within the “Nassau Hub,” Long Island’s premier Queens, NY — Zeev Douek of Q10 New York Realty Advisors , an affiliate of Houlihan-Parnes Real- tors, arranged financing in the amount of $29.3 Million for two Queens apartment buildings (shown right). The buildings consist of a total of 240 units and offer a mix of Studios, 1-BR, & 2-BR units. The loans were placed with a NY-based bank. The interest rate for both loans was fixed at 3-3/8% for 5-years and pro- vided for a cash-out refinance of approximately $6 Million. “Both loans were tailored to the borrower’s specific financ- ing needs by locking into a
The Mall at the Source
commercial submarket. The Mall at the Source and the Fortunoff Building’s location places it in the heart of West- bury and 28 miles from NYC. The property sits in one of the wealthiest counties in the country, Nassau County, and has 143,470 residents earning an average annual household income of more than $124,258 living within a three-mile radius. The HFF investment sales team that represented the co-sellers was led by senior managing director Jose Cruz , managing directors Kevin O’Hearn and Chris Phaneuf , directors Michael Oliver and Stephen Simonelli and sup-
ported by senior managing director Andrew Scandalios . “We were very pleased as to the response from REITs, developers, and large institu- tional retail owners, local de- velopers. In the end, a foreign capital source was most ag- gressive on pricing and terms,” said Cruz. “The location and demographics were a major driver for this transaction.” FLORHAM PARK, NJ –— Holliday Fenoglio Fowler, L.P. (HFF) secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multi-housing property in Hackensack. HFF worked on behalf of the borrower, Capodagli Prop-
erty Company , to place the long-term, fixed-rate loan through MetLife Real Estate. Completed in 2016, Meridia Metro features a mix of one- and two-bedroom units with amenities such as stainless steel appliances, granite coun- tertops, hardwood floors and walk-in closets. Community amenities include a 24-hour fitness center; rooftop terrace with cabana bar and fire pit; social roomwith poker and pool tables; pet grooming room; and grade-level parking garage. The HFF debt placement team representing the borrow- er was led by senior managing director JonMikula andman- aging director Michael Klein .
“The borrower was seeking a way to take advantage of to- day’s historically low interest rates and avoid the contingent liabilities associated with the in-place construction loan while still in lease up,” Klein stated. “MetLife was able to lock the rate on a 15-year term at application, providing a structure that best met the borrower’s needs.” “HFF has been involved in several of these types of transactions of late,” Mikula added. “Many of our clients are looking to secure debt for a long-term hold or generation play and life companies are best equipped to handle this type of execution.” n favorable, low interest rate loan and allowed for the distri- bution of cash to accommodate the borrower’s strategy” said Douek. “The lender recognized the strong performance of the buildings which have histori- cally performed at near full occupancy and have generated consistent growth in income year after year.” Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a com- mercial mortgage banking and investment sales company. Q10 NY is affiliated with Houlihan-Parnes Realtors, a multi-dimensional privately owned real estate company. n
Douek of Q10 New York Realty Advisors arranges $29.3 million in financing for 2 Queens apartment buildings
Made with FlippingBook - Online Brochure Maker