Monday, February 1, 2016

HFF arranges joint venture equity and construction financing for mixed-use project in Staten Island, NY


Lighthouse Point, Staten Island, NY
                                                                                        (Rendering by architect Cooper Carry).

  
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. 

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.”

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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