New York City

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Arbor Commercial Funding has provided an $83.1-millionrefinancing loan through Fannie Mae’s DUS program to the sponsorsof Sand Castle Apartments, a 917-unit rental property in the FarRockaway section of Queens. The seven-year loan amortizes on a30-year schedule and carries a loan-to-value ratio of 80% and adebt-service-coverage ratio of 1.20. John Kelly with Arbor’s Bostonoffice originated the loan; he says in a release that the propertybenefits from favorable local submarket conditions.

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Savanna has acquired the mortgage on Swig Equities’ 5 HanoverSq. in Lower Manhattan. Sources familiar with the transaction tellGlobeSt.com the approximately $60-million mortgage was acquired inthe low $50-million range, and that the deal entails Swigcontinuing to participate in, and coordinating leasing at, the325,000-square-foot office property.

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Holliday Fenoglio Fowler has closed the sale of a $35-millionmezzanine loan on behalf of AXA subsidiary Mutual Life InsuranceCo. of New York. The mezzanine loan is secured by an ownershipinterest in 280 Park Ave., a 1.2-million-square-foot office towermanaged by Broadway Real Estate Partners. The buyer was notdisclosed; the property is 96% leased.

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NorthMarq Capital has arranged first mortgage financing of $16million for 75 Henry St., a 33-story, 370-unit co-op building inBrooklyn Heights. Financing was based on a 10-year term with a30-year amortization schedule and was arranged for the borrower,Whitman Owner Corp., by NorthMarq through its relationship withFreddie Mac.

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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 Dolginof KDA represented the tenant and the building owner, Flour andSugar LLC.

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Westchester County

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CB Richard Ellis is marketing Ridgeway Country Club, a128.6-acre property including an 18-hole golf course, located at400 Ridgeway Ave. in White Plains. Asking price is $13.5 million;CBRE’s William V. Cuddy Jr. and Budd Wiesenberg are spearheadingthe sales campaign. The duo recently concluded the sale of theHampshire 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.