Dealmaker: HFF Secures $185M for Retail Assets in New York, Mass.

Holliday Fenoglio Fowler, Houston, secured $150 million in financing for 520 Fifth Avenue, a development site at the corner of 43rd Street and Fifth Avenue in Manhattan.

A joint venture between Ceruzzi Holdings, New York, and Shanghai Municipal Investment USA, Shanghai, China, purchased the property. J.P. Morgan, New York, provided the 12-month loan with mezzanine financing from Fisher Brothers, New York.

The site, 520 Fifth Avenue, is a 10,625-square-foot site with 85 feet of frontage along Fifth Avenue. The new owners plan to develop a mixed-use tower with retail and condominiums or a hotel and condominiums. The undeveloped parcel’s zoning allows up to 355,000 square feet.

HFF arranged the property sale as well. HFF Senior Managing Director Andrew Scandalios led the investment sales team representing the seller while HFF Senior Managing Director David Nackoul and Associate Director Christopher Peck led debt placement team.

In Massachusetts, HFF’s Boston office secured $35.23 million in combined financing for Main Street Marketplace in Waltham, Mass. and Eaglewood Shops in North Andover, Mass.

Working on behalf of borrower Linear Retail Properties, Burlington, Mass., HFF placed the fixed-rate first mortgage loans in two separate transactions. Cambridge Trust Co., Cambridge, Mass., lent $14.56 million loan on Main Street Marketplace and Middlesex Savings Bank, Natick, Mass., lent $20.67 million on Eaglewood Shops.

Senior Managing Director Riaz Cassum and Director Brett Paulsrud led HFF’s debt placement team representing Linear.

Linear Retail Properties acquired the 44,500-square-foot Main Street Marketplace for $22.4 million and Eaglewood Shops, a 77,500-square-foot center, for $34.2 million in June.