JV Secures $77M in Financing for NYC Property
Deutsche Bank Wealth Management is providing acquisition debt for the purchase of the luxury Midtown asset.
The Collection at Mercedes House in Midtown Manhattan. Image courtesy of Cushman & Wakefield
Empire Capital Holdings and Namdar Realty Group have obtained $77.4 million in acquisition financing for The Collection at Mercedes House in New York. The 162-unit multifamily community is situated at 540 54th Street in Manhattan.
Cushman & Wakefield and Meridian Capital arranged the financing, with the loan provided by Deutsche Bank Wealth Management.
“Our ability to achieve this feat can be attributed to the excellent collaboration between our client and Deutsche Bank Wealth Management,” Gideon Gil, executive managing director of Cushman & Wakefield’s equity, debt and structured finance team, told Multi-Housing News.
“By working together, we were able to develop a tailor-made solution that not only met the needs of all parties involved, but also provided mutually beneficial outcomes. This achievement is a testament to our unwavering commitment to our clients and our ability to navigate complex financial environments.”
The Collection at Mercedes House is a Class A multifamily asset situated atop Mercedes House. Located on the 22nd to 32nd floors of the building, the community offers a blend of one- to three-bedroom apartments with features that include above-standard ceiling heights, in-unit washers and dryers and high-speed Internet access. Residents have access to an 80,000-square-foot amenity center featuring a health club, resident lounges and workspaces.
Situated in Midtown West, The Collection at Mercedes House is near a number of retailers, restaurants and nightlife and entertainment venues. The property is steps from several subway lines and crosstown busses, transit options which allow residents to enjoy easy commutes to various neighborhoods.
In a prepared statement, a Cushman-Wakefield official noted that there has been a sustained demand for upscale residential assets in the city. This acquisition, he added, is a tribute to the Manhattan luxury multifamily market’s resiliency. Four months ago, Cushman & Wakefield made news by arranging sales of two South Carolina properties for a total of $79 million.
