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<\/p>\nBally\u2019s Corp.’s Bronx casino project is one step closer to its first roll of the dice.<\/p>\n
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A rendering of Bally’s Corp.’s casino project in the Bronx<\/p>\n
The Rhode Island-based casino operator has landed a $560M financing agreement from WhiteHawk Capital Partners for the project, it revealed in a Securities and Exchange filing<\/a>. Bally\u2019s plans to build a $4B casino resort next to its Ferry Point golf course in the East Bronx, along with a hotel and entertainment center<\/a>.<\/p>\n \u201cThis important financing allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule,\u201d Bally\u2019s Chairman of the Board Soo Kim said in a statement<\/a>.<\/p>\n The loan, which is subject to regulatory approval, is split into $400M that Bally’s would get at closing and $160M on a staggered timeline, according to the filing.<\/p>\n Bally\u2019s New York Guarantors will guarantee the loan, which will be \u201csecured by substantially all of the assets of the Bally\u2019s New York Loan Parties, subject to certain exceptions,\u201d according to the SEC filing.<\/p>\n The deal is expected to close in the third quarter of 2026, according to a release, and the loan will mature 18 months after the initial funding is provided. <\/p>\n Bally’s, which warned investors last month that it was at risk of defaulting<\/a> on lending agreements, agreed to pay an interest rate of SOFR plus 8.5%. <\/p>\n \u201cWe are pleased to partner with Bally\u2019s on this important next phase of the Bronx project,\u201d WhiteHawk Capital Partners Managing Partner Bob Louzan said in a statement.\u00a0\u201cThis financing reflects our ability to structure flexible capital solutions for complex transactions.\u201d<\/p>\n Citizens Capital Markets served as financial adviser, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal adviser to Bally\u2019s. <\/p>\n The casino operator was awarded one of three New York State casino licenses in December<\/a>. The other two licenses went to Steve Cohen and Hard Rock International\u2019s proposal near Citi Field and Resorts World’s Genting Group, which has already opened the first legal table games in New York City<\/a> at its gaming facility complex next to the Aqueduct horse racing track.<\/p>\n TOP FINANCING DEALS<\/p>\n Northwind Group supplied a $208M loan for a partial conversion of 141 Willoughby St., a 24-story, 355K SF Downtown Brooklyn tower being led by BH3 Management and Capstone Equities, according to a release. The financing will support the conversion of floors eight through 23 into 239 apartments, while the bottom seven floors will remain as commercial space.\u00a0<\/p>\n ***<\/p>\n SYU Properties refinanced 16 W. 47th St. with a $69.9M loan from Citibank through the entity Citi Real Estate Funding, PincusCo reported<\/a>. Flagstar Bank had held a $75.2M mortgage tied to the 111K SF office building at the edge of the Diamond District.<\/p>\n ***<\/p>\n Slate Property Group refinanced a three-building Chelsea multifamily portfolio with a $63M loan from Prime Finance, according to a release. The buildings are at 229 W. 20th St., 300 W. 21st St. and 301 W. 22nd St. and have a combined 94 units. The deal closed four years after Slate secured a $61.3M acquisition loan from Slate Asset Management, an organization that is not affiliated with the sponsor, Commercial Observer reported<\/a>. Arrow Real Estate Advisors\u2019 Morris Betesh, Eliott Zeitoune, Alex Bailkin and Andrew Rosenberg negotiated the debt.<\/p>\n ***<\/p>\n A joint venture between Mequity Cos. and Flatiron Equities Real Estate refinanced an office-to-storage conversion at 152 W. 36th St. with a $57M loan from PGIM, Commercial Observer reported<\/a>. The joint venture is turning a 52K SF Class-C office building into a 1,500-unit self-storage facility operated by Manhattan Mini Storage. The financing retired past construction debt and funds the final stages of the conversion, which is expected to deliver in early 2027. A Colliers team led by Dylan Kane, Zach Redding and Jared King negotiated the financing.\u00a0<\/p>\n TOP LEASES<\/p>\n 11 Times Square, where law firm Proskauer Rose expanded to 478K SF this week<\/p>\n Global law firm Proskauer Rose expanded inside SJP Properties\u2019 11 Times Square, nabbing two extra floors and bringing its total footprint to 478K SF as part of a renewal, the New York Post reported<\/a>. The expansion adds 60K SF to the law firm\u2019s space, Commercial Observer reported<\/a>. The 1.1M SF tower is now roughly 93% leased to a tenant roster that includes Microsoft, Ducera and Moore Capital. Cushman & Wakefield\u2019s Mark Weiss, Jon Herman and Mike Middleton represented Proskauer Rose, while CBRE\u2019s Paul Amrich represented SJP.<\/p>\n ***<\/p>\n Coney Island Preparatory Public Charter School secured a 39-year, 45K SF leasehold condominium at 773 Neptune Ave., a ground-up, build-to-suit facility, according to a release. Rybak Development is developing the property and will deliver it as a turnkey educational facility with occupancy expected to start in summer 2027. Open Impact Real Estate’s Alexander Smith and Stephen Powers represented the school. The landlord, an entity owned by Fouerti Realty’s Elie Fouerti, represented itself.<\/p>\n ***<\/p>\n Fifth Third Bank expanded by 11K SF at Tishman Speyer\u2019s 50 Rockefeller Plaza, bringing its total footprint to 32K SF, CO reported<\/a>. The bank tacked on the space to its original space from 2022, which has a 2034 expiration date. Other tenants in the 16-story Midtown building include Republic Capital Group and Citrin Cooperman. CBRE\u2019s Joe Cabrera, Kevin Torch and Michael Ciotta represented the bank, while Tishman Speyer\u2019s Blythe Kinsler represented the landlord in-house.<\/p>\n ***<\/p>\n Bagatelle International signed a 24K SF lease at The Arsenal Co. LLC\u2019s 463 Seventh Ave., bringing the building to 100% leased, according to a release. Asking rents for the space, which Bagatelle plans to use for offices and showroom space, were $59 per SF. Adams & Co.\u2019s David Levy and Benjamin Levy represented the landlord. Lee & Associates\u2019 Dennis Someck represented Bagatelle. The Canadian fashion brand and apparel manufacturer is moving from a smaller space at Brause Realty\u2019s 141 W. 36th St., Commercial Observer reports.<\/a> <\/p>\n TOP SALES<\/p>\n Prada’s store at the Madison Avenue retail condo acquired this week by RFR Holding<\/p>\n JSRE Acquisitions sold an 18K SF retail condo at 841 Madison Ave. to RFR Holding for $57M, CO reported<\/a>. Luxury fashion house Prada has been the property’s anchor tenant since it opened a flagship at the storefront in 1996. Global Advisory\u2019s Ross Mezzo and Majestic Acquisitions\u2019 Ezra Saffati represented both buyer and seller. The deal was first reported as under contract by The Promote in June<\/a>.<\/p>\n ***<\/p>\n Azimuth Development Group sold 801 Bartholdi St. in the East Bronx to tuition-free Equality Charter School, according to property records. Azimuth built the 63K SF property for Equality to serve its elementary school and high-performance high school programs, the Bronx Times reported<\/a> last year.<\/p>\n ***<\/p>\n![\"Tall](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/09\/1789507136_652_filters:quality(80).png\")
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