Cammeby’s Lands $173M for Manhattan Asset
NewPoint Real Estate Capital issued the loan.
Cammeby’s International has secured a $173.1 million refinancing note for The Monterey, a 522-unit luxury community in Manhattan, N.Y., Commercial Observer reported.
NewPoint Real Estate Capital issued the Freddie Mac loan in a deal brokered by Meridian Capital Group. The note carries a 10-year maturity, as well as eight years of interest-only payments at a rate of 5.07 percent and a 35-year amortization schedule.
Previous debt included a $155 million loan originated by Barings in 2013, when Cammeby’s acquired The Monterey for $252 million, according to Yardi Matrix data. That note was due to mature next month.
The 1992-completed community encompasses studio and one- to three-bedroom layouts, as well as penthouses, ranging from 488 to 1,700 square feet. Roughly 20 percent of the units are income-restricted. Amenities comprise a business center, resident lounge, sauna and rooftop terrace, as well as a gym.
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The Monterey rises 29 stories at 175 E. 96th St., about 7 miles from Lower Manhattan and within walking distance of Central Park, the East River and several subway stations.
Meridian Capital Group Managing Director Matt Texler arranged the financing, according to Commercial Observer. Notably, this marked the first Freddie Mac deal by Meridian since the agency lifted the brokerage firm’s restrictions last year.
Manhattan’s flowing debt market
At a national level, multifamily originations increased 39 percent during the first quarter compared to the same period last year, according to a report by MBA. This momentum continued into the second quarter and was felt across Manhattan as well.
Earlier this month, Vornado Realty Trust and Stellar Management secured a $675 million refinancing note for a 1,328-unit community in Manhattan. This CMBS loan replaced a previous note in the same amount.
Also in Manhattan, an affiliate of Rockrose Development obtained an $80 million refinancing loan for the 152-unit property at 110 Horatio St. AXA IM Alts originated the debt.
