{"id":1004125791,"date":"2015-08-20T09:56:39","date_gmt":"2015-08-20T17:56:39","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=358560"},"modified":"2021-05-10T03:00:46","modified_gmt":"2021-05-10T11:00:46","slug":"hff-sold-and-secured-150m-financing-for-manhattan-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-sold-and-secured-150m-financing-for-manhattan-property\/","title":{"rendered":"HFF Sold and Secured $150M Financing for Manhattan Property"},"content":{"rendered":"

By Adelina Osan, Associate Editor<\/em><\/p>\n

Holliday Fenoglio Fowler, L.P.<\/a> closed the sale for a premier development site located at the southeast corner of 43rd Street and Fifth Avenue in Manhattan. The leading provider of commercial real estate and capital markets services also secured $150 million pre-development financing for the acquisition.<\/p>\n

\"520<\/a><\/p>\n

520 Fifth Avenue<\/p>\n<\/div>\n

The purchase of 520 Fifth Avenue<\/a> in Manhattan was made by a joint venture between Ceruzzi Holdings and Shanghai Municipal Investment USA<\/a>. With this acquisition, Ceruzzi and SMI USA have entered into their second transaction in New York.<\/p>\n

The new owners plan to develop the 10,625-square-foot site with 85 feet of prime frontage along Fifth Avenue into a state-of-the-art mixed-use tower. 520 Fifth Avenue will consist of flagship retail and either luxury condominiums or a combination of luxury condominiums and hotel. The undeveloped parcel has zoning square footage that will accommodate up to 355,000 square feet.<\/p>\n

\u201cGiven my long history and relationship with J.P. Morgan and 520 Fifth Avenue\u2019s unrivaled development potential, we are delighted to have found a pre-development financing solution that allows us to set in motion a development project that will positively change the landscape of Fifth Avenue for generations. It comes as no surprise that J.P. Morgan was able to deliver an attractive financing solution under a short timeframe,\u201d mentioned Louis L. Ceruzzi, Jr., principal of Ceruzzi Holdings.<\/p>\n

Senior Managing Director Andrew Scandalios led the HFF investment sales team, whereas HFF\u2019s debt placement team was led by Senior Managing Director David Nackoul and Associate Director Christopher Peck.<\/p>\n

The 12-month loan led by J.P. Morgan with mezzanine financing provided by Fisher Brothers<\/a> will preface the future development planned to become one of the most iconic mixed-use developments with more than 33,000 square feet of irreplaceable Fifth Avenue retail.<\/p>\n

Rendering via 520 Fifth Avenue<\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HFF closed the sale for a premier development site on Fifth Avenue in Manhattan. The leading provider of commercial real estate and capital markets services also secured $150 million pre-development financing for the acquisition.<\/p>\n","protected":false},"author":735,"featured_media":1004505691,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[682],"class_list":["post-1004125791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-latest","tag-news"],"acf":[],"yoast_head":"\nHFF Sold and Secured $150M Financing for Manhattan Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hff-sold-and-secured-150m-financing-for-manhattan-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Sold and Secured $150M Financing for Manhattan Property\" \/>\n<meta property=\"og:description\" content=\"HFF closed the sale for a premier development site on Fifth Avenue in Manhattan. 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