Avison Young arranged a $24-million first mortgage refinancing of a retail condominium at 30 E. 85th St. on Manhattan’s Upper East Side for an affiliate of owner/developer The Zucker Organization. The 35,000-square-foot, multi-tenanted property is fully leased, with tenants including an E by Equinox location on the second floor.

The Zucker Organization was represented by Avison Young’s Tri-State Debt & Equity Finance Team, led by principal & co-lead Scott A. Singer, executive director Kevin Swartz, senior director Jeffrey Moroch and associate director Andrew McNulty. The team arranged the 10-year loan with JPMorgan’s CMBS platform, and proceeds will be used to repay the existing loan. The retail condo is managed by Manhattan Skyline Management, a division of The Zucker Organization.

Located in a prime retail corridor of Madison Avenue between 84th and 85th streets, the building was developed by The Zucker Organization in 1987 and the two-story retail portion has maintained consistently high occupancy.

Land development company Taylor Builders LLC has chosen Sacramento-based Capital Rivers Commercial to lead the retail side of its projects. Capital Rivers Commercial, led by CEO Greg Aguirre, said it will handle the marketing and development of retail centers in various projects, including those in Roseville, Sacramento and Dixon.

Three key projects include a 9.4-acre retail center in Roseville’s Fiddyment Ranch, a 7.6-acre site in Sacramento’s Stone Beetland project and more than 23 acres for highway and community commercial development in Dixon.

Capital Rivers is marketing these sites for potential users including grocery stores, restaurants, and healthcare providers. The partnership allows Taylor Builders to concentrate on residential, leveraging Capital Rivers’ expertise in retail projects to meet their growth objectives.

Pictured: Fiddyment Ranch Phase 3.

Essex Realty Group, Inc., has negotiated the sales of five apartment buildings in two separate transactions. One sale was a four-building, 50-unit portfolio located at 6153 S May, 6348 S. Racine, 6459 S. Racine, and 6934 S. Princeton — all in Chicago’s Englewood neighborhood.

The other transaction was located in South Shore at 7106 S. Euclid, a 13-unit mixed-use property with nine apartment units and four commercial spaces. The Essex listing team of Robert Berman, Michael Anguiano, Daniel Shabsin, Jeremy DeMarco, and Joe Kalhammer facilitated both transactions on behalf of the private sellers.

“As interest rates stabilize, we’re seeing a lot of pent-up demand return to the market from both local and out-of-state investors,” said Berman. Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Join the leaders and dealmakers when they explore the most important topics and trends at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register to attend to network with the best in the industry and sit in on discussions you won’t hear anywhere else. Early Bird Registration Ends April 19.