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HFF Secures $42 Million Financing for a Prime Mixed-Use Property in Manhattan

Thursday, March 05, 2015

1035 Third Avenue Manhattan HFF recently arranged $42 million in financing for 1035 Third Avenue, a mixed-use retail, office and parking property in Manhattan’s Upper East Side. Working on behalf of Acadia Realty Trust, which recently acquired this asset through its fund platform, HFF secured a six-year, floating-rate loan from Helaba Bank.

In addition to funding the acquisition, loan proceeds will be used in connection with the repositioning of the property. A prime mixed-use real estate property in Manhattan, the property is located at the corner of East 62nd Street and Third Avenue -- steps away from the F, N, Q, R, 4, 5 and 6 trains

The HFF team representing the borrower was led by senior managing director Mike Tepedino and director Jennifer Keller.

HFF New York City is consistently recognized as one of the most successful mixed use properties commercial real estate broker in the city. HFF New York has been ranked as a CoStar Power Broker, a Top Investment Sales Firm and Top Large Loan Brokerage Firm by The Real Deal and on The Mortgage Observer’s50 Most Important People in Commercial Real Estate Finance list.

About Acadia Realty Trust

Acadia Realty Trust (NYSE: AKR), is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – core and fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet.

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