PITTSBURGH – HFF announced today that it has secured acquisition and pre-development financing for 138 East 50th Street in Manhattan’s Midtown East neighborhood.
HFF worked on behalf of the borrower, 50 Lex Development, LLC, a joint venture of Ceruzzi Holdings LLC of New York and Immovate North America, Inc., a subsidiary of Immovate Projektentwicklungs GMBH of Graz, Austria, in arranging the two-year, floating-rate, non-recourse loan with a major U.S. investment bank.
138 East 50th Street is located between Third and Lexington Avenues four blocks from Rockefeller Center and close to Times Square in Midtown East. The property is currently improved with a parking garage.
“No immediate development plans have been announced,” commented Robert Skolnick of Ceruzzi Holdings.
The HFF team representing the borrower was led by senior managing directors Dave Nackoul and Jay Marshall.
Ceruzzi Holdings is a New York-based real estate company which develops, acquires and operates a diversified portfolio of primarily real estate properties. Ceruzzi Holdings has successfully completed more than 15,000,000 square feet of transactions and developed relationships with many nationally known tenants.
Immovate is a real estate developer whose core competence lies in the revitalization and expansion of real estate assets in downtown locations. Based in Graz, Austria, Immovate realizes exclusive projects, the total volume of which makes it one of Austria’s leading developers.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 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 www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.