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| Rendering of planned Exhibit luxury residential tower, 60 Fulton Street Lower Manhattan, NY |
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| Jennifer L. Keller |
NEW YORK, NY – HFF announced today that it has arranged
$61.75 million in financing for the development of Exhibit, a luxury residential tower comprised of 120
residential rental units and 6,800 square feet of retail space located at 60
Fulton Street in Lower Manhattan.
HFF worked on behalf of Gerald Brauser and Steven
Brauser of The Parkland Group, LLC to secure a 33-year construction-perm loan
through Pacific Life Insurance Company.
The
project is located on the corner of Fulton and Cliff Streets, within a few
blocks of the Fulton Center transportation hub, which offers access to 10
subway lines, the World Trade Center and South Street Seaport.
Scheduled for completion in
2016, the 23-story project will be developed by Socius Development Group, and
will contain a total of 120 rental units (96 market rate and 24 affordable)
comprised of studio, one- and two-bedroom floor plans.
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| Robert Rizzi |
Exhibit will offer residents unobstructed views of the Manhattan
skyline, East River and Brooklyn Bridge.
Property amenities will be located on the 23rd floor and will include
two landscaped rooftop terraces with indoor and outdoor fireplaces, resident
lounge, demonstration kitchen and dining area, game room, fitness center and
yoga studio.
With frontage along Fulton
Street, the project will also contain 6,800 square feet of retail.
This is the second collaboration
between Scott Aaron, managing principal of Socius Development Group
(www.sociusdev.com) and the Brauser family. They previously developed the highly regarded 100 West 18th
Street, a luxury condominium and retail development in Chelsea.
The HFF team representing the
borrower was led by managing director Rob Rizzi, managing director Michael
Gigliotti and director Jennifer Keller.
“The project is strategically
positioned to benefit from the ongoing transformation of the Financial District
into a vibrant residential neighborhood,” said Jennifer Keller.
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| Michael Gigliotti |
“This construction-perm loan allowed the
sponsor to lock a historically low fixed interest rate with an opportunity to
increase proceeds upon stabilization - an ideal execution for a generational
owner.”
The Parkland Group is a fully integrated
real estate owner, operator and developer led by Gerald and Steven
Brauser.
The company’s portfolio is
comprised of multifamily, retail, truck stops and parking garages throughout
the United States. The Parkland Group
is based in Manhattan and has offices in Ft. Lauderdale, Florida.
Socius Development Group is a
full-service real estate development firm, specializing in luxury residential
and hospitality development in the New York, New Jersey and Connecticut. For more information please visit
www.sociusdev.com.
For a complete copy of the
company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite
700 | Houston, TX 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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