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| Meatpacking District of New York City, NY, West 14th Street and Ninth Avenue |
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| Jennifer L. Keller |
HFF
worked exclusively on behalf of the borrower, a joint venture between Tavros
Holdings LLC and Arel Capital, to secure the floating-rate loan through
Blackstone Mortgage Trust.
Loan
proceeds were used to acquire the property.
In a separate
transaction, HFF’s Eric Anton arranged the sale of the transaction while
he was with Brookfield Financial.
The
portfolio is situated on an 18,453-square-foot lot at the corner of West 14th
Street and Ninth Avenue near Chelsea Market, High Line Park, Google’s New York
headquarters, the new Whitney Museum and Hudson Yards.
The residential component of the property is 100 percent leased and is comprised of three buildings containing a total of 59 studio, 18 one-bedroom and five two-bedroom units.
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| Eric Anton |
More than 200 feet
of total retail street frontage faces the triangular Ninth Avenue Public Plaza,
a notable pedestrian space created in the middle of Ninth Avenue. The portfolio also includes available
development rights along West 15th Street.
The HFF team representing the borrower was led by managing
director Steven Klein and director Jennifer Keller.
“The high-quality portfolio’s irreplaceable location at the
heart of the historic Meatpacking District represents one of the most
sought-after retail and residential submarkets in Manhattan.
 |
| Steven Klein |
“The in-place vacancy and below market rents in both the
residential and retail components of the transaction presented the borrower
with a very appealing and unique opportunity,” said Klein.
Tavros Holdings LLC is a privately-owned real estate
investment management and development firm with offices in New York City. For more information, visit www.tavroscapital.com.
Arel Capital is a real-estate focused investment company,
formed in January of 2013. The firm
focuses on investing and developing $50 to $200 million multifamily properties,
located in the top 10 U.S. metropolitan areas. For more information, visit www.arelcapital.com.
Blackstone Mortgage Trust, Inc. (NYSE:BXMT) is a real estate
finance company that primarily originates senior mortgage loans collateralized
by properties in the United States and Europe. Further information is available at www.bxmt.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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