Dealmaker: HFF Arranges $400M for Multifamily/Retail/Office

Holiday Fenoglio Fowler LP arranged $391.75 million for multifamily, retail and mixed-use properties in New Jersey, New York, South Carolina and Florida.

HFF’s New York office arranged $290 million in financing for development of 151 East 86th Street, a luxury mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood.

HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings LLC and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014.

151 East 86th Street, at the corner of 86th Street and Lexington Avenue, will include a combination of luxury residential totaling 151,500 square feet and two stories of ground-floor retail totaling 30,600 rentable square feet. Complementing the retail base will be 61 luxury condominium units averaging 2,485 square feet with floor-to-ceiling windows offering views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom.

Due for completion in first quarter 2019, the 18-story building was designed by HOK Architects with interiors by Shelton, Mindel & Associates.

HFF’s debt placement team was led by senior managing director David Nackoul, managing director Christopher Peck and associate Scott Findlay.

“The Upper East Side is a unique and sought-after area where the opportunity to develop from the ground-up rarely presents itself, especially on a prime corner such as 86th and Lexington,” Peck said.

HFF’s Florham Park, N.J. office arranged $32.5 million in financing for development of a 163-unit multi-housing property serving the community surrounding New Jersey City University.

HFF worked exclusively on behalf of the developer, a joint venture among The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments to secure the construction loan through M&T Bank.

The project is part of NJCU’s West Campus master plan, better known as University Place. Situated three blocks from NJCU’s Main Campus, University Place will encompass 22 acres comprising more than 200,000 square feet of retail, 110,000 square feet of education space and a 425-bed student housing community. The development represents the first phase of University Place’s market-rate unit component, which will total 600 units once it is built out.

Due for completion later this year, the project will feature a mix of studio, one- and two-bedroom units along with more than 10,000 square feet of ground-floor retail and 177 parking spaces for residential and retail use. Units will include amenities such as high ceilings, open layouts, hardwood floors, hard surface countertops, walk-in closets and stainless steel appliances. The property will offer more than 20,000 square feet of common amenity space, including 5,000 square feet of indoor lounge space and a 15,000-square-foot open courtyard located on the third floor, which will overlook the adjacent baseball park.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.

“University Place is an exciting new development, which is utilizing an area of Jersey City that is prime for not only the University’s expansion west, but for market-rate housing and retail,” Mikula said.

HFF’s Los Angeles Office secured $50 million in financing for development of Timbers Kiawah–Ocean Club & Residences, a private oceanfront timeshare residence club on Kiawah Island in South Carolina.

HFF worked exclusively on behalf of the borrower to secure construction financing from Mosaic Real Estate Credit LLC, a firm co-founded by Ethan Penner and Vicky Schiff.

Timbers Kiawah–Ocean Club & Residences, due for completion in summer 2018, will consist of 21 fractional-ownership residences across three residential buildings, each with six ocean residences on the first three levels and an expansive fourth-floor ocean penthouse. The 3.5-acre development site is at the end of Beachwalker Drive and Duneside Road on the most southwestern end of the 10-mile, crescent-shaped Kiawah Island Beach. The location offers convenient access to downtown Charleston and nearby shopping and dining amenities located at Freshfields Village, as well as 123 acres of parks, hiking and biking trails, 24 tennis courts and five golf courses.

Units will provide access to amenities including a clubhouse with a central lounge area, owner services team, valet, bar and temperature-controlled owners’ wine wall, fitness facility and children’s playroom. A private, ocean-front beach club will offer owners a swimming pool with terraced bar and grill steps from the beach. Owners at Timbers Kiawah will be members of the Timbers Collection, as well as the opportunity to trade vacation time with other owners through the Timbers Reciprocity Program.

The HFF debt placement team representing the developer was led by senior managing director Paul Brindley, director Cory Fowler and associate director Brad Greenway.

HFF’s Miami office closed $19.25 million for sale of and arranged $12.5 million in financing for Sabadell Financial Center, a five-story, 102,007-square-foot, Class A office building in the Broward County community of Plantation, Fla.

HFF marketed the property on behalf of the seller, Clarion Partners LLC, and procured the buyer, The Green Cos. Clarion Partners acted on behalf of a separately managed account client advised by the firm. Additionally, HFF assisted the new ownership in securing the 10-year, fixed-rate loan through Aegon USA Realty Advisors LLC.

Sabadell Financial Center is at 150 South Pine Island Road, just north of Interstate 595, which provides access to all parts of the tri-county area. The 7.3-acre site is equidistant from Miami and West Palm Beach and close to Fort Lauderdale-Hollywood International Airport, Port Everglades and downtown Fort Lauderdale.

Extensively renovated from 2012 to 2015, Sabadell Financial Center is 96 percent leased to tenants, including Sabadell United Bank, Quest Workspaces and Ferencik Libanoff Brandt Bustamante & Goldstein P.A.

The HFF investment sales team representing the seller was led by senior managing director Hermen Rodriguez, director Ike Ojala and associate director Tracey Goo. HFF’s debt placement team was led by senior managing director Paul Stasaitis and associate Maxx Carney. The Green Cos. negotiating team was led by James Bernstein, Elizabeth Green and George Brown.