HFF Arranges $156 Million Construction Loan for The Ritz-Carlton Residences, Long Island, North Hills
November 28 2016 - 4:21PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged $156 million in construction financing for Phase II of The
Ritz-Carlton Residences, Long Island, North Hills, a 244-unit,
ultra-luxury residential complex on Long Island’s North Shore.
Working on behalf of RXR Realty, HFF placed the construction
loan with ACORE Capital. HFF previously secured construction
financing on the borrower’s behalf for the first phase of the
project in 2013, which is now more than 90 percent sold.
The Ritz-Carlton Residences, Long Island, North Hills is an
ultra-luxury property with two- and three-bedroom units. The first
120-unit phase of the property was recently completed and includes
a 25,000-square-foot clubhouse with an indoor swimming pool,
fitness center, resident lounge, private reception rooms, board
room, billiards room and movie theater. Phase II is under
construction and will consist of an additional 120 units totaling
approximately 270,211 square feet. Each unit will also have a
minimum of two indoor parking spaces available.
The property is managed by The Ritz-Carlton Hotel Company and
offers the full array of Ritz-Carlton’s legendary services,
including concierge, doormen, porters, membership in The
Ritz-Carlton’s worldwide reservations network and a number of
a-la-carte services such as housekeeping, ticket reservations,
valet parking, dog-walking services and more. Situated on a 16-acre
site, the property is just 20 miles east of Midtown Manhattan in
North Hills, which is one of the highest per capita income regions
in the country.
HFF’s debt placement team was led by Mike Tepedino, Michael
Gigliotti and Geoff Goldstein.
About RXR Realty LLC
RXR Realty LLC (“RXR”) is a vertically integrated private real
estate company with expertise in investment management, property
management, development, design, construction, leasing and
financing. RXR’s core growth strategy is focused on New York City
and the surrounding tristate-area markets. The company is one of
the largest owners, managers and developers in the New York
Tri-State area. RXR’s operating platform manages 89 commercial real
estate properties and investments comprising 25.2 million square
feet, including 16 million square feet in NYC, with an aggregate
gross asset value of $15 billion, as of June 30, 2016. In addition,
RXR has a residential development pipeline of approximately 3,000
residential units in the New York metropolitan area.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE:
HF). HFF operates out of 23 offices nationwide and is a leading
provider of commercial real estate and capital markets services to
the U.S. commercial real estate industry. HFF together with its
affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20161128005988/en/
HFFMichael Gigliotti, (212) 245-2425HFF Senior Managing
Directormgigliotti@hfflp.comorGeoff Goldstein, (212)
632-1834HFF Directorggoldstein@hfflp.comorOlivia Hennessey,
(713) 852-3500HFF PR Coordinator, Marketingohennessey@hfflp.com
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