HFF Arranges $290 Million Financing for Luxury Mixed-Use Development in Manhattan’s Upper East Side
04 April 2017 - 6:20AM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged $290 million in financing for the 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 (Ceruzzi) and Kuafu Properties (Kuafu), 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 is situated at the corner of 86th Street
and Lexington Avenue. The project 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 top-of-the-line finishes and
floor-to-ceiling windows offering sweeping 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 state-of-the-art fitness facility, lounge, rooftop terrace and
children’s playroom. Due for completion in first quarter 2019, the
18-story building has been designed by world-famous HOK Architects
with interiors by the renowned design firm 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,” said
Peck. “Ceruzzi and Kuafu managed to create and execute on a very
complex structure, and it was a privilege to help them capitalize
on this vision with a single source of debt capital.”
About Ceruzzi Holdings
LLC
Ceruzzi Holdings LLC is a New York City-based, full-service
company, which develops, acquires and operates a diversified
portfolio of mainly real estate properties. Ceruzzi leverages its
25+ year track record of acquisition, development and structuring
to create unique opportunities that deliver outsized returns.
Recent Ceruzzi projects in New York City include the acquisition of
the majority position of land beneath the Lipstick Building and the
138 East 50th Street, a Cesar Pelli designed luxury condominium
project. The company’s real estate professionals specialize in
numerous disciplines, including construction, entitlements,
leasing, marketing, management and finance.
About Kuafu Properties
Kuafu Properties LLC (Kuafu) is a privately held, fully
integrated real estate development and investment company based in
New York City. Kuafu was established with the vision of being the
ultimate bridge between Chinese and other Asian investors to the
overseas real estate market in the United States. The company
focuses on creating high-quality mixed-use projects that are rich
in detail and originality. To that end, Kuafu partners with
world-class, award-winning architects and contractors. In addition,
Kuafu team members have extensive expertise in large-scale master
planned projects and mixed-use urban developments, including hotel,
retail, office and high-end residential.
www.kuafuproperties.com.
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and
HFF Securities Limited (collectively, “HFFS”) are owned by HFF,
Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading
provider of commercial real estate and capital markets services to
the global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets
platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20170403006068/en/
HFFDAVID NACKOUL, (412) 281-8714Senior Managing
Directordnackoul@hfflp.comorCHRISTOPHER PECK, (212)
245-2425Managing Directorcpeck@hfflp.comorOLIVIA HENNESSEY,
(713) 852-3500Public Relations Specialistohennessey@hfflp.com
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