July 11, 2017
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
A joint venture between New York-based Ceruzzi Holdings LLC and New York-based SMI USA secured $200 million in pre-development financing for 520 Fifth Avenue, a planned mixed-use property in Manhattan. HFF worked on behalf of the JV to arrange the floating-rate loan through Mack Real Estate Credit Strategies, L.P.
HFF previously brokered the sale of the property to the partnership, and secured acquisition financing on its behalf. The proceeds of this loan will be used to repay existing debt, conclude design and move forward with pre-development work.
Situated at 43rd Street and Fifth Avenue, the 425,000-square-foot development will feature more than 33,000 square feet of prime Fifth Avenue retail. The remaining square footage is planned as luxury condominiums and a five-star luxury hotel.
Ground breaking of the vertical development will begin in 2018.
HFF’s Christopher Peck and David Nackoul handled the debt placement.
For comments, questions or concerns, please contact Dennis Kaiser