New York City
Arbor Commercial Funding has provided an $83.1-million refinancing loan through Fannie Mae’s DUS program to the sponsors of Sand Castle Apartments, a 917-unit rental property in the Far Rockaway section of Queens. The seven-year loan amortizes on a 30-year schedule and carries a loan-to-value ratio of 80% and a debt-service-coverage ratio of 1.20. John Kelly with Arbor’s Boston office originated the loan; he says in a release that the property benefits from favorable local submarket conditions.
Savanna has acquired the mortgage on Swig Equities’ 5 Hanover Sq. in Lower Manhattan. Sources familiar with the transaction tell GlobeSt.com the approximately $60-million mortgage was acquired in the low $50-million range, and that the deal entails Swig continuing to participate in, and coordinating leasing at, the 325,000-square-foot office property.
Holliday Fenoglio Fowler has closed the sale of a $35-million mezzanine loan on behalf of AXA subsidiary Mutual Life Insurance Co. of New York. The mezzanine loan is secured by an ownership interest in 280 Park Ave., a 1.2-million-square-foot office tower managed by Broadway Real Estate Partners. The buyer was not disclosed; the property is 96% leased.
NorthMarq Capital has arranged first mortgage financing of $16 million for 75 Henry St., a 33-story, 370-unit co-op building in Brooklyn Heights. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Whitman Owner Corp., by NorthMarq through its relationship with Freddie Mac.
Kalmon Dolgin Affiliates has arranged a 10-year, 10,000-square-foot distribution/warehouse lease at 33 Nassau Ave. in the Greenpoint section of Brooklyn for Mechanical East Co. Inc., a heating and air conditioning manufacturing company. Grant Dolgin of KDA represented the tenant and the building owner, Flour and Sugar LLC.
Westchester County
CB Richard Ellis is marketing Ridgeway Country Club, a 128.6-acre property including an 18-hole golf course, located at 400 Ridgeway Ave. in White Plains. Asking price is $13.5 million; CBRE’s William V. Cuddy Jr. and Budd Wiesenberg are spearheading the sales campaign. The duo recently concluded the sale of the Hampshire Country Club in Mamaroneck, NY.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
