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Brokerage
Posted: April 27, 2015
HFF arranges $42 million financing for acquisition of mixed-use retail and office property in Manhattan's Upper East Side
HFF arranged $42 million in financing for 1035 Third Ave., a mixed-use retail, office and parking property in the borough's Upper East Side.
Working on behalf of Acadia Realty Trust, which recently acquired this asset through its fund platform, HFF secured a six-year, floating-rate loan from Helaba Bank. In addition to funding the acquisition, loan proceeds will be used in connection with the repositioning of the property.
The property 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.
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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