Cannon Hill Capital Partners has completed a $200-million recapitalization of 888 Broadway, with the addition of Global Holdings and Williams Equities as equity partners, according to published reports. The recapitalization reportedly was arranged by a Newmark team including Adam Spies and Adam Doneger.

Located in Manhattan’s Flatiron District, the 220,000-square-foot office building is anchored by Netflix, which houses its corporate offices there. The property recently underwent a significant capital improvement program, including a new lobby entrance and a rooftop terrace designed by Fogarty Finger. 

Fried Frank represented the partners in the structuring and negotiation of the $200-million recapitalization of 888 Broadway by Cannon Hill, Global Holdings and Williams Equities. The Fried Frank team was led by partners Michael Werner and Matthew Aldana and included partners Jonathan Mechanic, Janice Mac Avoy, Julianne Befeler and Richard Wolfe.    

JLL Capital Markets closed the recapitalization of Lido Marina Village, a 3.06-acre, coastal mixed-use shopping center located in Newport Beach. JLL represented the existing ownership, DJM Capital and Arc Capital Partners, through a partnership with Belay Investment Group, in the transaction with Redwood West joining the partnership.

As part of the transaction, Arc Capital Partners and Belay Investment Group exited the original partnership. JLL also secured financing through a relationship life company.

Built in 1971 and renovated in 2016 and 2022, Lido Marina Village features 77,922 square feet of retail space and 28,694 square feet of office space, drawing 1.5 million visitors annually. Since acquiring Lido Marina Village in 2013, DJM has performed extensive renovations that have transformed the property’s format and appearance.

The JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Bryan Ley, Geoff Tranchina and Gleb Lvovich, Senior Director Tim Kuruzar and Director Daniel Tyner. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jeff Sause, Senior Director John Marshall and Director Alex Olson.

Landmark Properties has recapitalized The Mark Athens, a 1,364-bed, mixed-use property featuring student apartments as well as retail and office space. Located at 130 Hickory St. in Athens, GA, The Mark Athens serves students attending the University of Georgia.

Terms of the financing were not disclosed. The recapitalization of The Mark contributed to the approximately $700 million in year-end closings across a series of transactions closed by Landmark in the month of December 2023.

“The continued resilience of the student housing sector has attracted a variety of institutional investors and this successful recapitalization underscores the market’s confidence in the sector,” said Wes Rogers, CEO of Landmark Properties.  “The Mark Athens is our flagship property. Our corporate headquarters is in this building. It’s the premier asset in our hometown, and we’re glad to have a longer term capital structure in place for this building.”

Landmark developed the property in two phases with the first phase, completed in 2017, offering 928 beds, and a second phase, completed in 2022, offering 436 beds.