Prudential Finances Kips Bay Plaza

Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc. with $72.67 billion in assets under management and administration, announced today that it had provided an $85 million, 15-year fixed rate loan for Kips Bay Plaza in Manhattan. Chris Lama of NY Urban Real Estate Services arranged the financing for the borrower, MD Carlisle and JD Carlisle.

Located on Second Avenue between 30th and 32nd streets, the171,325 square-foot grocery-anchored retail center boasts major tenants including Fairway Supermarkets, an AMC movie theater, Rite Aid pharmacy, Petco, Staples and TD Bank.

"With retail at such a premium in New York City, we expect this property to perform well. The addition of Fairway Supermarkets as an anchor tenant should bring substantially more foot traffic in this centrally located neighborhood, making this an all-around extremely attractive transaction," said Justin Levitt, a director with Prudential Mortgage Capital Company's New York office, who led the transaction. "We look forward to providing excellent service to our borrower during the loan term."

"We are thrilled to have successfully closed this transaction with Prudential and locked in long term debt at very favorable terms. Prudential did an excellent job in working with us and closed the loan in a timely manner. Their knowledge of the market and efforts to understand our needs made this a truly successful transaction. The financing was a culmination of a three year effort on our part to reposition this property into one of the best retail destinations in NYC," said Evan Stein of MD Carlisle.

For more news and information visit Blumberg Capital Partners.

The Beatrice Sold for $280M

The co-developers of The Beatrice, JD Carlisle and DLJ Real Estate Capital Partners, announced that it had sold the property at 105 West 29th Street in New York for $280 million according to a CNBC report. Equity Residential purchased a 29 floor residential portion of the 54 story mixed-use tower, while the remainder, which includes the Eventi Hotel and parking garage, were not included in the sale. Terms of the deal were not disclosed.

"The Beatrice epitomizes the increasing strength of multifamily fundamentals, particularly in the New York City market," said Andrew Rifkin, Chairman and Managing Partner of DLJ RECP. "Together with JD Carlisle, we remain committed to the ongoing development of new, high value-added real estate opportunities, seeking ways to create even greater value for institutional investors."

"The sale of the Beatrice is testament to our development team's consistent ability to deliver premier properties of the highest caliber," said Jules Demchick, Chairman of JD Carlisle. "EQR recognizes the tremendous long-term value this proven property offers. New York City class-A multifamily is a highly sought after asset class delivering solid returns to institutional investors."

For more news and information visit Blumberg Capital Partners.