HFF arranges $85 million financing for mixed-use portfolio in New York’s Meatpacking District

Meatpacking District of New York City, NY, West 14th Street and Ninth Avenue

Jennifer L. Keller

NEW YORK, NY  – HFF announced it has arranged $85 million in financing for a mixed-use portfolio encompassing 19,409 square feet of retail and 82 residential rental units in New York’s Meatpacking District.

                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. 

Eric Anton

The retail component is leased to tenants such as Scarpetta, The Diner, Le Pain Quotidien, L’Occitane and Solstice Sunglasses.

 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

ohennessey@hfflp.com