Not Endorsed

AFI USA, a subsidiary of Africa Israel, has completed a five-year refinancing of the Times Square Building for about $267 million, plus access to a revolving line of credit from Banco Inbursa SA that will enable the owners to execute a comprehensive repurposing and revitalization of the property. Five Mile Capital Partners LLC will convert its existing debt to equity to become a 50 percent equity partner in the property.

CB Richard Ellis has announced it arranged the sale and financing of a three-property portfolio of multi-housing communities located in Richmond’s West End.

Since joining One Brooklyn Bridge Park as its exclusive sales and marketing firm two months ago, The Developers Group, has signed 14 new contracts and has more than 20 contracts out or in negotiations.

NYC Development Corporation (HDC) and University Neighborhood Housing Program Inc. (UNHP) recently celebrated the grand opening of Rose Hill Apartments, a 119-unit building originally constructed in 1984 to serve low-income elderly residents.

Community Housing Innovations (CHI) recently hosted a ribbon-cutting ceremony for Minerva Place Condominiums, a 14-unit workforce housing community and reportedly the city’s most energy-efficient residences.

Construction has resumed at Be@Schermerhorn, Jamestown Properties and SDS Procida’s 246-unit condominium. Sales are expected to re-launch in spring 2010.