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| Lighthouse Point, Staten Island, NY |
(Rendering by architect Cooper Carry).
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| Andrew Scandalios |
NEW YORK, NY – Feb. 1,
2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged joint venture equity and construction financing for the development of
the first phase of Lighthouse Point,
a mixed-use residential and commercial project on Staten Island’s St. George
waterfront.
HFF worked exclusively on
behalf of New York-based developer Triangle Equities to arrange a joint venture
equity partnership with Lubert-Adler Partners LP (Lubert-Adler), who
contributed a majority interest of the required equity for the $95 million
first phase of the project.
Additionally, HFF secured construction financing for the partnership
through Citizens Bank, a subsidiary of Citizens Financial Group, Inc.
The multi-phased
development, which will encompass retail, office, hospitality and residential
space once completed, is adjacent to the Staten Island Ferry Terminal.
The $200 million, transit-oriented project
will occupy the grounds of the historic United States Lighthouse Depot Complex
and will incorporate its existing architectural elements into the final
design.
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| Rob Hinckley |
Phase I of the property
will feature a 13-story, 116-unit residential tower; three-story,
59,700-square-foot commercial building; 274-space underground parking garage;
and one-acre public plaza and greenspace.
Phase II, which is not part of this transaction, will consist of the
rehabilitation of four historic buildings and the construction of a
newly-built, 175-key hotel.
The HFF team representing
the developer was led by senior managing director Andrew Scandalios, managing director Rob Hinckley and director Geoff
Goldstein.
“The redevelopment of this
historic property into a multi-use, live-work-play community is integral to the
transformation of the St. George waterfront into a dynamic civic hub,”
Scandalios said.
“Together with the New
York Wheel, a 625-foot observation wheel, and Empire Outlets, a
300,000-square-foot shopping outlet mall with hotel, Lighthouse Point will
support the creation of a New York destination benefitting local businesses and
residents through an influx of commuter and tourist dollars.
“These three
transformative projects, among several others currently under construction,
represent more than $1 billion of direct investment into the Staten Island
North Shore.”
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| Geoff Goldstein |
“Structuring the capital
was extraordinarily complex since the project utilizes many different sources
including three New Markets Tax Credit (NMTC) providers, New York City grant
money, New York State grant money, commercial bank debt from Citizens Bank and
private equity from Lubert-Adler,” Hinckley added.
“Lighthouse Point also makes use of the
‘80/20’ 421a tax abatement program and is on a city ground lease.”
Hinckley continued, “The
endeavor is a shining example of how the public and private sectors can work
together to achieve dramatic change by stimulating regrowth and
development.
"Despite the many moving
parts and unique nature of the transaction, HFF is pleased to have successfully
assisted the developer in securing funding for this landmark project.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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