NEW YORK CITY-A borrower has secured a $35-million leasehold mortgage for a two-building, 151-unit residential project here. The loan was for 10 years with the first three years interest only. The first building is a full-service apartment containing 131 units and 36,706 sf of retail space. The second is an adjacent five-story walk-up. It contains 20 one-bedroom units.
The locally based Ackman-Ziff Real Estate Group arranged the financing. It is one of the firm's recent deals which total approximately $390 million. The capital source did not require a debt service coverage test which enabled the borrower to maximize loan proceeds, Ackman-Ziff officials say.
In another deal, the company arranges an $11.75-million 10-year, acquisition loan for a Garment District loft. Ackman-Ziff officials say the property is at "the center of commercial and residential investment and development activity in Manhattan." The 80,000-sf, eight-story building was constructed in 1922 and historically housed offset printing operations, commercial offices and garment manufacturers.
The firm arranged $29 million in leasehold financing for the owner of Saxon Woods Corporate Center in Harrison, NY. The 236,925 sf, two-building office campus is located at 550 and 600 Mamaroneck Ave. The two five-story office buildings were built in 1969 and 1971 and have been upgraded over the years. The new ownership plans significant improvements to the exterior and interior spaces, according to Ackman-Ziff.
The group also arranged a $16.85-million construction facility loan for the Concession Phase II, which is located on the border of Sarasota and Bradenton counties. The Concession a $600-million, 1,232-acre gated estate golf course community. Others include a $58-million acquisition and renovation loan for the Hyatt Regency Islandia in San Diego, a $66-million mortgage and a $16-million mezzanine investment for the Mosaic in Houston, a $57-million financing for 930 apartments in Forestville, MD as well as a $100-million first mortgage and mezzanine loan for the refinancing of the Avion Business Park in Chantilly, VA. The park is comprised of seven class A office buildings totaling 586,000 sf.
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