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Real Estate Roundup

Federal Reserve Chairman Jerome Powell (Credit: Bloomberg)

Real Estate Roundup

Financing 

Michael Shvo + Deutsche Finance + Bilgili Group have secured a $120 million construction loan from CIM Group for 685 Fifth Avenue. The developers will convert 100,000 square feet of office space at the building into 69 luxury condos. Construction is expected to wrap up in 2021, with 10 floors being added. (TRD)

L+M Development Partners has secured a $179 million in construction financing for its affordable and supportive 348-unit apartment complex at 215 Livonia Avenue, 169 Livonia Avenue, and 449 Chester Street in Brownsville. The deal was funded through a mix of public and private sources, including a construction loan and tax credit equity from Wells Fargo; New York State Housing Finance Agency tax-exempt bond financing; Low Income Housing Tax Credits, HFA’s Supportive Housing Opportunity Program subsidy; HFA’s New Construction Capital Program subsidy and HFA’s Middle-Income Housing Program subsidy. (CO)

Acquisitions 

Blackstone has acquired 535 Zerega Avenue from Simone Development Companies and the Squitieri family for $28.5 million. The Bronx property is leased Krispy Kreme (26,486 SF), with nonprofit New York Road Runners occupying the rest of the space. (TRD)

Other news 

Good primer on what’s going on with the Repo Market. (WSJ) 

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