AV Management, a private New York based investment firm, completed the acquisition of 73-75 Sullivan St. in SoHo from a longtime SoHo developer for $43,333,000. Cushman & Wakefield’s Dylan Walsh and Nico Nicolaou represented the seller. Citizens Private Bank provided $21.6 million in competitive acquisition financing under significant time constraints.

73-75 Sullivan St. was completed in 2016 as a ground-up construction project. It features expansive layouts, modern construction vintage and long-term commercial tenancy, according to AV Management.

“This special situation transaction represents the robust opportunity set to purchase investment-grade assets at historically high yields by taking advantage of early-cycle market dynamics,” said AV Principal Ahcene Ouldsaada. “73-75 Sullivan St. capitalizes on the dislocation caused by the 2022’s historically unprecedented hike in domestic base rates. The asset was acquired at an opportunistic basis and will be held long-term as a permanent income vehicle with an option for attractive liquidity as markets normalize.”

Cambridge Realty Capital has provided $43,360,100 in HUD-insured Section 223(f) financing for four senior housing properties located in Illinois, Washington, and Iowa.

According to Cambridge’s Managing Director Tony Marino, the Illinois transactions consisted of two affordable rental apartment properties for seniors totaling 196 units located in Chicago, Illinois.

The Washington transaction was provided to South Pointe, a 42-bed assisted living facility located in Everett. The Iowa financing was provided to Gardens of Cedar Rapids, a 112-bed facility in Cedar Rapids that offers skilled care, assisted living, and memory care services.

Cambridge’s early rate lock program was utilized, which allowed the owners to lock rates before all HUD approvals were obtained. This enabled each borrower to mitigate risk associated with rising interest rates and contributed to a more predictable and efficient HUD execution, including assurance that the financings included sufficient funds to complete long-term repairs and improvements.

Register Today to “Be in the Room” when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and will participate in the Keynote Interview with Kevin Brennan, also of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on the afternoon of Wednesday, March 5, at Joe’s Live in Rosemont, IL, for this exclusive presentation!