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Ceruzzi, SMI USA JV Receives $200M Pre-Dev Financing for NY MXU

Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.

A joint venture between New York-based Ceruzzi Holdings LLC and New York-based SMI USA secured $200 million in pre-development financing for 520 Fifth Avenue, a planned mixed-use property in Manhattan. HFF worked on behalf of the JV to arrange the floating-rate loan through Mack Real Estate Credit Strategies, L.P.

HFF previously brokered the sale of the property to the partnership, and secured acquisition financing on its behalf. The proceeds of this loan will be used to repay existing debt, conclude design and move forward with pre-development work.

Situated at 43rd Street and Fifth Avenue, the 425,000-square-foot development will feature more than 33,000 square feet of prime Fifth Avenue retail. The remaining square footage is planned as luxury condominiums and a five-star luxury hotel.

Ground breaking of the vertical development will begin in 2018.

HFF’s Christopher Peck and David Nackoul handled the debt placement.

For comments, questions or concerns, please contact Dennis Kaiser

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Inside The Story

Read more at HFFConnect With HFF's PeckConnect With Ceruzzi Holdings’ Lou Ceruzzi

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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