NEW YORK, NY—HFF, working on behalf of Acadia Realty Trust, has arranged $42 million in financing for 1035 Third Avenue, a mixed-use retail, office and parking property in Manhattan's Upper East Side.
Acadia recently acquired this asset through its fund platform, and the loan will be used to cover acquisition, and for improvements to reposition the property. The building is located at the corner of East 62nd Street and Third Avenue, steps away from the F, N, Q, R, 4, 5 and 6 trains. It comprises more than 53,000 square feet.
HFF secured a six-year, floating-rate loan from Helaba Bank.
The HFF team representing the borrower was led by senior managing director Mike Tepedino, director Jennifer Keller and real estate analyst Andrew Lane.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
