HFF Secures $200 Million Financing for 151 East 60th Street in Manhattan

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $200 million in financing for the acquisition and pre-development of 151 East 60th Street, a premier development site located at Lexington Avenue directly across from Bloomingdale’s flagship location in Manhattan.

Working on behalf of Kuafu Properties, HFF placed the floating-rate loan with Mack Real Estate Credit Strategies. Loan proceeds are being used to facilitate the purchase of the fee simple interest in the property and fund pre-development costs towards construction of a luxury residential tower with approximately 40,000 square feet of irreplaceable retail space.

151 East 60th Street is a 19,684-square-foot site with 200 feet of prime frontage along East 60th Street across from Bloomingdale’s and adjacent to the 59th Street/Lexington Avenue subway station in Manhattan’s Midtown East retail corridor. Plans for the site include a luxury residential tower with ground-floor retail that will offer expansive views of Central Park. The undeveloped parcel has zoning square footage that will accommodate up to 350,000 square feet with development slated to begin in March 2017.

HFF’s debt placement team was led by Christopher Peck and Jay Marshall.

“It was a pleasure to advise Kuafu Properties in this transaction so it could successfully capitalize the acquisition and pre-development of an irreplaceable development opportunity. This facility will provide the requisite liquidity to prepare for vertical construction of an iconic tower in a prime location within Manhattan,” Peck said.

About Kuafu Properties

Kuafu Properties, based in New York City, is a full-service development and investment management platform established with the vision of bridging Chinese capital with prominent U.S. real estate projects. Kuafu has assembled an experienced team of real estate professionals with in-house capabilities ranging from architecture and design, legal and financial, and development and management. Kuafu continues to invest Chinese capital, including EB-5 funding as well as traditional forms of equity, into suitable development and value-add projects. Kuafu's focus to date has been on New York City projects where it is actively pursuing additional investment opportunities. www.kuafuproperties.com.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

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