HFF arranges $290m financing for mixed-use development
NEW YORK, NY — Holliday Fenoglio Fowler, L.P. (HFF) has arranged $290 million in financing for the development of 151 East 86th St., a luxury mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood.
HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings LLC (Ceruzzi) and Kuafu Properties (Kuafu), to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014.
151 East 86th St. is situated at the corner of 86th St. and Lexington Ave. The project will include a combination of luxury residential totaling 151,500 s/f and two stories of ground-floor retail totaling 30,600 rentable s/f. Complementing the retail base will be 61 luxury condominium units averaging 2,485 s/f with top-of-the-line finishes and floor-to-ceiling windows offering sweeping views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 s/f of amenity space, including a state-of-the-art fitness facility, lounge, rooftop terrace and children’s playroom. Due for completion in first quarter 2019, the building has been designed by HOK Architects with interiors by the renowned design firm Shelton, Mindel & Associates.