Manhattan High-Rise Lands $70M Refi
PCCP provided the loan for the 197-unit building.
An affiliate controlled by Manhattan Skyline Management Corp. has secured a $70 million loan to refinance the 197-unit The Murray Hill, a high-rise apartment building in Manhattan’s Murray Hill neighborhood. PCCP provided the financing to borrower 34 St. South LLC.
Located at 115 E. 34th St., the 21-story property offers studio, one- and two-bedroom units, averaging 964 square feet. Constructed in 1980, amenities include a 24/7 doorman, controlled access, microwaves in all units, laundry facilities, private balcony/patio in select units, fireplaces available in select units, a private garden, a landscaped roof deck, a tenant lounge, bicycle storage and a fitness center. The building also features 8,586 square feet of retail.
“Manhattan Skyline Management refinanced the building at a time when we think rates are attractive,” Daniel Lederman, vice president with Manhattan Skyline Management, told Multi-Housing News. “The company’s recent investment in the property has proven that it is a strong asset and will continue to grow in a market we see as rebounding.”
He noted Manhattan Skyline Management has several ongoing improvement projects in the works, along with apartment renovations and standard maintenance.
The Murray Hill is located on 34th Street between Park and Lexington avenues, within walking distance of major Midtown employment centers and transportation hubs, including Grand Central Station and Bryant Park.
The CBRE Large Loan team lead by James Millon and Tom Traynor advised 34 St. South LLC on the financing.