Financial Digest

Chehade of SoHo Properties led financing efforts for $270 million construction loan for 560 Seventh Ave.; Backed by Related Fund Management, Angelo Gordon and Hana Financial

Manhattan, NY Soho Properties, led by its chairman and CEO Sharif El-Gamal, together with co-developers Chip and Andrew Weiss of Flintlock Construction, closed on $270 million in construction financing for 560 Seventh Ave., the future home of Margaritaville Resort New York City. Located in Times Sq., the 170,000 s/f, 234-key property, is expected to open late 2020.

Naftali Credit Partners closes $65 million construction loan for 74-unit condo project; Betesh of Meridian Capital arranges financing

Queens, NY Naftali Credit Partners, a subsidiary of Naftali Group, has closed on a $65 million construction loan for 107-02 Queens Blvd. The offering for the 10-story, 74-unit condominium project in Forest Hills is the second by Naftali Credit Partners.

Kapahi of HKS Real Estate refinances $105 million loan

Manhattan, NY Simon Baron Development Group has landed a $105 million loan to refinance its 114-unit rental project at 393 West End Ave., a pre-war Upper West Side building. The new loan was provided by M & T Bank and refinances the existing debt of $70 million.

Cotsalas of NorthMarq secures $4.5 million for 20,000 s/f medical office; Refinanced Montefiore Medical Center, Bronx

Bronx, NY Charles Cotsalas, senior vice president/senior director of NorthMarq’s Long Island-based regional office secured the $4.5 million refinance for Montefiore Medical Center, a 20,000 s/f class A medical office property located at 3316 Rochambeau Ave.

Katz of GCP arranges $17.975 million mortgage

Brooklyn, NY Stephen Katz, managing director of GCP Capital Group LLC has arranged a $17.975 million mortgage. The loan was placed for a six-story multifamily apartment building containing 107 units, located in the Gravesend neighborhood.  

Cushman & Wakefield arranges $13.4 million for Jamaica development site

Queens, NY Cushman & Wakefield served as the exclusive advisor to Great Atlantic Construction Inc. in the procurement of $13.4 million in financing for two adjacent development sites, totaling 237,000 buildable s/f, located at 89-25 and 89-26 162nd St. in Jamaica. The bridge loan was provided by Lightstone Capital Markets.

Berkadia acquires Central Park Capital Partners

New York, NY Berkadia has acquired Central Park Capital Partners (CPCP), a boutique real estate capital advisory firm focused on arranging joint venture investments and structured capital from international

Zegen of MRC negotiates $21.4m first mortgage for AB Capstone; To refinance debt and support lease-up stabilization

Queens, NY Madison Realty Capital (MRC) closed a $21.4 million first mortgage loan collateralized by a 78,313 s/f, class A commercial building in the Bellerose neighborhood. AB Capstone, a repeat borrower with MRC, will utilize the funds to refinance previous debt and support final leaseup and stabilization of the asset.

HFF hires Tonnessen as director in New York office

New York, NY Holliday Fenoglio Fowler, L.P. (HFF) has hired Bob Tonnessen as a director focused on debt and equity placement transactions in its New York office.

Steffelin joins George Smith Partners as senior vice president

Manhattan, NY George Smith Partners has established a bi-coastal presence with the opening of an office in Midtown. Industry veteran Ed Steffelin has joined the firm as senior VP on the Malcolm Davies team, and will oversee the new office, which is located at 750 Lexington Ave.