News & Insights
BHI, Valley National Bank Lead $78M Construction Loan for Rego Park Resi Tower
RJ Capital Holdings has nabbed $78 million of construction financing to build a 16-story residential tower in Rego Park, Queens, Commercial Observer has learned. BHI and Valley National Bank led the loan for the developer’s planned Trylon Tower project at 98-81 Queens Boulevard, while Be Aviv served as the mezzanine lender.
Thorofare Capital Refis Atlanta Multifamily Asset With $52M Loan
It may be the dog days of summer, and a market that makes you want to head straight to the beach — or the cooler — instead of the office. But the deals keep closing. McKinley Homes just landed $52 million in financing for the refinance and lease-up of Seven88, its multifamily tower in Atlanta’s Midtown West submarket, Commercial Observer has learned.
Doshi and Mehra of Meridian sell two elevator buildings for $9.1 million
Meridian’s Amit Doshi and Shallini Mehra closed on their exclusive listing located at 288 and 295 Maple St. The two six-story elevator buildings are located in the Prospect-Lefferts Gardens neighborhood, span 74,622 s/f, and are currently configured with 69 apartments and seven stores. The buildings sold for $9.1 million, translating to a 6.4% capitalization rate, a 7.8x gross rent multiplier and $110,000 per unit.
Angelina Jolie Renting Basquiat’s Last Workspace
Angelina Jolie will be turning Jean-Michel Basquiat’s last apartment and studio into a collaborative space for designers. Jolie signed an eight-year lease for the entire 6,600-square-foot 57 Great Jones Street to open Atelier Jolie, a space for clothing designers to work out of, according to brokers on the deal. It also happens to be the place where the famous […]
Bayonne Multifamily Portfolio Lands $48M Refi
A portfolio of multifamily properties in Bayonne, New Jersey, has landed $47.9 million in refinance. The five-year loan, provided by a balance sheet lender, includes 24 months of interest-only payments and a five-year extension option.
Lights, camera…action! – by Shallini Mehra
High interest rates, inflation, investors “in limbo,” and turmoil in the banking sector are dominating recent headlines, leading to overall lower transaction volume across New York. However, investors and brokers are resilient and are constantly looking for ways to be creative – some of which appear to be working. Let’s look at the bright side […]
2023 Top Broker Awards: James Famularo
Company: Meridian Capital Group Leasing Total: 550,000 square feet Closed more than 200 leasing transactions worth $329 million Launched Meridian Capital’s retail leasing division in 2018 James Famularo started the retail leasing division at New York-based Meridian Capital Group in 2018 and is now President of Meridian’s robust retail leasing team. During 2022, he closed more […]