Category: Finance

Holtsville, NY A fourth-generation family-owned, custom metal-fabricating business will expand in Holtsville after the Town of Brookhaven Industrial Development Agency (IDA) closed on a package of economic incentives.

North Bellmore, NY Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA) said the agency granted final approval to a package of economic development incentives that will assist a developer in constructing apartments for 55 and older renters on the site of a former synagogue.

Middletown, NY Cronheim Hotel Capital (CHC) has secured an $18 million permanent loan for the Residence Inn Middletown Goshen. The five-year fixed-rate loan is interest only for the full term. The hotel opened in 2020 and is located near numerous corporate demand drivers.

East Amherst, NY Jack Phillips of Largo Real Estate Advisors, Inc. arranged a $10.975 million permanent first mortgage to finance the acquisition of a 34,094 s/f single-tenant medical office building.

Mamaroneck, NY The Village of Mamaroneck (the Village) has implemented several economic initiatives the Village intends to pursue as part of its commitment to attracting private investment, reimagining Mamaroneck Ave., addressing the core community issue of chronic flooding and providing updates on two important Village projects. The Village is pursuing a $4.5 million New York Forward grant to revitalize the Village downtown,

Manhattan, NY Time Equities Inc. (TEI) has launched TEI Diversified Income & Opportunity Fund VII, LLC (Fund VII), a private real estate investment fund designed to provide accredited investors with access to a diversified portfolio of income-producing and value-oriented assets across the United States and select international markets.

Manhattan, NY Global Holdings has completed the $190 million refinancing of Anagram Columbus Circle, the firm’s luxury residential tower located at 1 West 60^th St., near Central Park and Billionaire’s Row. J.P. Morgan served as the agent and provided the loan along with Sumitomo Mitsui Trust Bank. The loan was structured as a first-mortgage refinancing. 

Brooklyn, NY Arrow Real Estate Advisors has arranged a $220 million permanent refinance on behalf of The Loketch Group, Joyland Group, and Meral Property Group for two newly developed, adjacent multifamily properties, Lorimer House and Copper Lofts, located at the corner of Lorimer St. and Bdwy.

Albany, NY Pyramid Management Group, one of the largest shopping center developers in the Northeast, has secured a new five-year, $193 million CMBS loan package on Crossgates Mall. This new loan will allow Pyramid to continue to reinvest in the in the property and ensure its vitality, vibrancy, and sustained success in New York State’s Capital Region.

West Henrietta, NY Arrow Real Estate Advisors arranged a $46 million refinance for The Marshall at Rochester, a Class A student housing community located at 3948 East River Rd. The financing was secured on behalf of Aptitude Development, a national

Levittown, PA Neal Colligan, principal at Largo Capital, Inc., arranged a permanent first mortgage to refinance the existing debt on Country Manor Apartments, a 200-unit multi-family property, a suburb positioned between

Manhattan, NY Avison Young arranged a $147 million first mortgage refinancing of 255 Greenwich St., a 600,000 s/f Class A office building with ground floor retail and parking in Tribeca, on behalf of an affiliate of Jack Resnick & Sons. The 14-story property was developed in 1987 by Jack Resnick & Sons, which was founded in 1928 and now spans three generations