Law360 (March 16, 2018, 7:09 PM EDT) -- Westbrook Partners has taken a stake in HFZ Capital Group's Belnord redevelopment project in New York, The Real Deal reported on Friday, citing sources with knowledge of the matter.
The firm has converted the debt it owns in the 680,000-square-foot apartment complex on the Upper West Side to equity, The Real Deal said. HFZ bought the property in 2015 for $575 million, according to the report.AJ Capital Partners has scored $60 million in financing for a hotel project on Roosevelt Island in New York, Commercial Observer reported on Friday. The financing from Emigrant Savings Bank is for a planned 224-room Graduate brand hotel on North Loop Road, according to the report. The property will be the first hotel on Roosevelt Island, Commercial Observer said.
An entity led by Erik Rutter and David Weitz of Carpe Real Estate Partners has purchased a Miami development site for $14 million, the South Florida Business Journal reported on Friday. The deal is for 2319, 2323 and 2335 N. Miami Ave. and 2301 N.E. Miami Court, and the seller is Goltens, the Journal said. The site has 35,176 square feet of retail and warehouse buildings, and could be redeveloped into a property that has between 400,000 and 600,000 square feet, according to the report.