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.

Avison Young has closed the sale of Doctors Medical Park, a three-building outpatient clinical park, on behalf of Medical Center Associates, LLLP. The 90,076-square-foot property, comprising 10301 Georgia Avenue, 2101 Medical Park Drive, and 2121 Medical Park Center, was acquired for $15.25 million by an affiliate of Blue Arch Capital. 

The property is located in Silver Spring, MD, near Holy Cross Hospital, and features tenants like Community Radiology Associates and Fresenius. Medical Center Associates was represented by the Avison Young team of Jim Kornick, Mike Wilson, and Joe French. Avison Young also arranged the acquisition financing on Behalf of Blue Arch with a team led by Jon Goldstein, Michael Yavinsky and Wes Boatwright.  

“This sale demonstrates the strength of medical outpatient buildings despite challenges in other sectors,” said Kornick. “We received several competitive proposals for the financing, despite the challenging debt environment. Lenders were attracted to this opportunity due to the excellent location of the assets, strong sponsorship, and diverse tenant roster. A life insurance company provided the financing with exceptional terms,” added Goldstein. 

Cushman & Wakefield, in partnership with Avison Young, has brokered the sale of a multifamily portfolio consisting of three apartment communities in the Southeast. The sales price was not disclosed.

Jimmy Adams, Tai Cohen, Taylor Bird and Marc Robinson of Cushman & Wakefield, as well as Steven Peden and Craig Cadwallader of Avison Young, represented the undisclosed seller in the transaction.

ApexOne and Balfour Beatty Communities acquired Retreat at Schillinger in Mobile, AL., a 270-unit apartment community built in 2010. ApexOne and Balfour Beatty Communities also acquired Paces Brook in Columbia, S.C., a 260-unit apartment community built in 1990. Strategic Holdings purchased Georgetown Crossing in Savannah, GA. for $20.9 million. The 168-unit apartment community was built in 1994.

Pictured above: The Retreat at Schillinger in Mobile, Alabama

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