Retail Condo in Manhattan Scores Refinancing Loan

The Parkland Group landed a $44 million refinancing loan for a retail condominium between West 17th and 18th Streets in Manhattan’s Chelsea neighborhood.

The Parkland Group landed a $44 million refinancing loan for a retail condominium between West 17th and 18th Streets in Manhattan’s Chelsea neighborhood.

611 Avenue of the Americas - Manhattan

611 Avenue of the Americas – Manhattan

HFF announced it worked on behalf of the borrower’s Gerald Brauser and Steven Brauser to secure the 15-year, fixed-rate, non-recourse loan which was provided by Allianz Real Estate of America, Inc. on behalf of the US Allianz insurance companies. HFF managing director Rob Rizzi and director Jennifer Keller led the debt placement team representing the borrower.

Located at the base of 611 Avenue of the Americas, a 10-story luxury residential building completed by The Parkland Group in 2008, the 30,216-square-foot retail condominium is currently fully leased to three tenants: Chase Bank, Duane Reade and Modell’s Sporting Goods.  According to HFF, the building also houses 41 luxury apartments and three additional retail spaces that were not included in the financing deal.

“The property’s location along a prime retail corridor and its stable long-term tenancy made the financing very attractive to lenders,” HFF Director Jennifer Keller said.

Image courtesy of HFF