New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
L&L, Normandy Close on $880M Terminal Stores Deal
A joint venture of L&L Holding Company, Normandy Real Estate Partners and an institutional investor advised by J.P. Morgan Asset Management has closed on the $880-million acquisition of Terminal Stores, a 1.2 million square-foot complex in West Chelsea, with large-scale redevelopment plans.
The partnership acquired the 127-year-old property, which spans an entire block, from Waterfront New York and GreenOak Real Estate Advisors LP.
The acquisition and subsequent redevelopment of the Terminal Stores will be financed in part by $520 million in equity from Normandy, L&L, J.P. Morgan, and other institutional investors. In addition, Blackstone Mortgage Trust has led the $650-million acquisition and predevelopment loan with Apollo and Goldman Sachs as co-lenders.
CBRE’s Darcy Stacom and Bill Shanahan represented the seller. There were no outside brokers for the buyer. The CBRE Debt & Structured Finance team of James Millon, Tom Traynor, Ethan Gottlieb and PJ Finley arranged the $650-million acquisition financing.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
