Verbena Road Holdings has secured a $103 million financing loan for its 209-unit rental tower in Manhattan. New York Life Real Estate Investors, an arm of New York Life Insurance Company, provided the loan for The Lanthian Apartments, a 23-story apartment community in Kips Bay.
Built in 1998, the property recently underwent renovations including upgraded apartment interiors, common areas and building amenities. The Lanthian first changed hands in 2011 when Archstone purchased the community from Madison International Realty for $131 million, according to Yardi Matrix data. Then, in 2013, the building was acquired as part of a portfolio sale by AvalonBay Communities. The property last changed hands in 2016, when Verbena Road Holdings (formerly known as SPI Holdings) picked up the community for $173 million.
The building, located at 377 E. 33rd St., houses a mix of studio, one-, two-, three- and four-bedroom units with an average size of 724 square feet. Situated a block from the East River waterfront, the property is located within walking distance of several medical facilities including Bellevue Hospital and NYU Langone Medical Center. Resident amenities at the rental tower include a fitness center, business center, community room, playground, spa and laundry facilities. The Lanthian also includes 18,000 square feet of retail.
Manhattan’s rental market remained strong throughout the summer, despite worries over rent control regulations and a nationwide affordability crisis, according to a recent Yardi Matrix report. More than $1 billion in multifamily assets changed hands in the first quarter of 2019, while there are 12,150 units slated to come online in the metro in 2019. The average Manhattan rent rose 1 percent year-over-year as of April, led by new high-end inventory and high occupancy rates.