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Carlyle ditches plans, sells LIC site for $49M

Excerpt from the Real Deal website: Three years after buying a Long Island City site with a commercial building in mind, the Carlyle Group has shuffled it to another developer. Montperia Group — formerly known as Ampiera Group — and JLS Construction purchased the property at 24-02 Queens Plaza South for $49 million, Crain’s reported. […]

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Madison Realty Capital lands $40M refi on Greenpoint project

Excerpt from the Real Deal website: Madison Realty Capital is turning to a bridge lender to keep its poison-to-paradise development in Greenpoint going. Typically a lender itself, Josh Zegen’s firm scored a $40 million refinancing loan from Maxim Capital Group for an in-progress project at 65 and 75 Dupont Street, where Madison plans an eight-story, […]

Invictus Real Estate Partners Provides $62M for Brooklyn Mixed-Use Complex

Excerpt from the Commercial Observer website: It’s not a “Lidl” deal in this tight credit market.  Seventh Street Development Group has secured $62.25 million in construction financing for a sprawling, 105,000-square-foot mixed-use project in Crown Heights, Brooklyn, that will be  anchored by a 33,000-square-foot Lidl discount supermarket.  The two-year, floating-rate loan was provided by Invictus Real Estate Partners, together […]

KPG Funds Bags $50 Million Construction Loan From Sabal, GDSNY, Maxim Capital

Excerpt from the Commercial Observer website: Not many boutique offices in SoHo are scoring $50 million construction loans in this market, but 40 Crosby Street just did. The 70,000-square-foot, five-story KPG Funds-developed building dubbed “The Crosby,” which is aiming to open in the first quarter of 2024, secured financing from Sabal Investment Holdings and GDS Brightstar, the lending arm of GDSNY, Commercial […]

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Chris Xu plans 700-unit mixed-use complex in Rego Park

Excerpt from the Real Deal website: Chris Xu is wasting no time revealing his plans for a Queens development site he scooped up last month from Steve Roth’s Vornado Realty Trust. Xu’s United Construction and Development Group — best known for developing Queens’ tallest building, Skyline Tower in Long Island City — released renderings for […]

Maxim Capital Supplies $40M Acquisition Loan for Queens Development Site

Excerpt from the Commercial Observer website: United Construction and Development Group has landed $40 million of acquisition financing to purchase a Rego Park, Queens, development site to build a mixed-use multifamily project, Commercial Observer has learned. Maxim Capital Group provided the loan for United’s acquisition of 93-30 93rd Street, which spans nearly 140,000 square feet […]

Miami developer pays $10 million for land in downtown Tampa’s Encore

Excerpt from Tampa Business Journal Website: A Miami developer is moving forward with plans to build a $200 million mixed-use project in downtown Tampa’s Encore district. LD&D said it has closed on 2 acres at 1101 E. Harrison St. for $10 million. The developer previously said it planned to build a 28-story, 365-unit luxury apartment […]

Merrimac and BH3 Take Ownership of Watson Island Site Off Downtown Miami

Excerpt from Commercial Observer Website: Watson Island, a prime publicly owned enclave between Downtown Miami and South Beach, may finally be getting a makeover. A joint venture between BH3 Management and Merrimac Ventures purchased the 75-year ground lease for a 10.8-acre parcel on the island from Flagstone Property Group. The pair declined to disclose the financial terms of the deal, […]

Maxim Capital, Beach Point Lend $55M on Three Phoenix Airport Hotels

Excerpt from Commercial Observer Website: Caliber Companies has snagged a big catch, just before Super Bowl LVII kicks off at nearby State Farm Stadium. Maxim Capital Group and Beach Point Capital Management have provided a $55 million bridge loan to the sponsor for three of its airport hotels in Phoenix, Commercial Observer has learned. Read […]

Chelsea Luxury Condos Land $35M Construction Financing

Excerpt from ConnectCRE Website: Cushman & Wakefield advised Fine Properties of New York in procuring $35,000,000 construction completion and condo-inventory financing for The Elisa, a 25-unit condominium property located at 251 W. 14th St. in Chelsea. The two-year loan with two six-month extension options was provided by Maxim Capital Group. Read the full article here: […]

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Kushner, Aimco sell piece of Fort Lauderdale assemblage

Excerpt from The Real Deal Website: Kushner Companies and Aimco sold a piece of their three-lot development assemblage near downtown Fort Lauderdale’s Brightline station. Woodfield Development paid $18.3 million for the 0.8-acre site at 520 West Broward Boulevard, with plans to build a 41-story multifamily tower, according to records. The buyer took out a $9.1 […]