NEW YORK, NY – HFF announced today that it has arranged $27 million in financing for The Hawthorne, a 90-unit multi-housing complex in Valley Stream, a village in the western part of Long Island, New York.
HFF worked on behalf of the borrower, Zeus Capital Managers, to secure the floating-rate loan through Prime Finance. Loan proceeds will be used to refinance existing debt and take the property through stabilization.
The Hawthorne is located at 125 South Cottage Street in Valley Stream at the intersection of South Cottage Street and East Hawthorne Avenue approximately 18 miles from Manhattan. The property is four blocks from the Long Island Railroad Station, with five trains hourly at peak times arriving at Penn Station in as little as 31 minutes, and two blocks from Rockaway Boulevard, Valley Stream’s retail corridor. The property is currently leasing and is composed of 33 one- and 57 two-bedroom units averaging 1,115 square feet. Community amenities include a 15,000-square-foot courtyard with a fire pit and outdoor cooking and entertaining areas, a lounge with billiards, fitness center and garage parking.
The HFF debt placement team was led by associate director Christopher Peck, director Rob Hinckley, senior managing director Andrew Scandalios and real estate analyst Christopher Rodriguez.
“We are very pleased with the detailed and client-focused process the HFF deal team brought to financing The Hawthorne, which continues to outperform our expectations as it becomes one of the preeminent boutique luxury properties on Long Island,” said Ed Rotter, principal of Zeus.
“The Long Island market is starved for Class A multifamily product, and The Hawthorne is a fantastic transit-oriented asset equipped to meet some of this demand,” Peck said. “Zeus as owner and Prime as the lender recognize this opportunity and are excited to help take the property to the next level.”
Established in 2007, Zeus Capital Managers is an international privately held investment management company specializing in real estate investments. The company, through its network and affiliated entities, is currently active in Europe, the Middle East and the United States. Its team of investment professionals, complemented by a world-class group of advisors and consultants, has broad management and execution experience in a wide range of real estate transactions, finance and economics. The company has a flexible and robust investment platform catering to the investment needs of its wide pool of investors, which includes corporate and financial institutions, sovereign wealth fund and high-net-worth individuals. For more information, visit www.zeuscm.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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 hfflp.com or follow HFF on Twitter @HFF.