Jamestown Nabs $145M for Manhattan Apartments
- Sep 12, 2017
Jamestown Properties secured $145 million to refinance 88 Leonard St., a 21-story, 352-unit luxury apartment building located in Manhattan’s Tribeca neighborhood.
Capital One provided the seven-year, floating-rate loan to the owners through Capital One Municipal Funding purchasing $112.5 million in tax-exempt bonds and Capital One, N.A. purchasing $32.5 million in taxable bonds that were issued by the New York State Housing Finance Agency.
“We appreciated the opportunity to help Jamestown find a solution that met its goals for 88 Leonard St. It’s always a pleasure to work with a top-tier sponsor and property in a top-tier location,” Paul Kesicki, Capital One’s senior vice president in its commercial real estate group, told MHN. “Tribeca is an extremely desirable neighborhood from a residential standpoint, but one with few options for those looking to rent, as opposed to buy. There are few places to turn for people interested in renting modern, highly amenitized apartments.”
Currently, 95 percent of the units are market rate, with the other five percent saved for moderate-income residents. Units contain upscale appliances, granite countertops in both the kitchen and bath, and wood cabinetry. Some units contain terraces, washer-dryer sets and floor-to-ceiling windows.
Community amenities include a roof deck on the 14th floor offering an amazing view, a second-floor terrace with outdoor fireplace and whirlpool, a garden terrace with whirlpool and outdoor fireplace, a resident lounge, and a full suite of concierge services. Bike storage and resident storage is available.
The building also has more than 11,000 square feet of ground-floor retail space and an attached 249-car parking garage.
Originally built in 2007, the property was acquired by Jamestown in 2016, and assumed the existing bond financing, which at the time came in at $132 million. With the new refinancing, the company upped the taxable bond component by $13 million.
“Increasingly, investors are looking at direct bond purchases as a vehicle for refinancing,” Kesicki said. “We were excited to work closely with HFA to meet the financing needs of our longstanding client Jamestown. As this transaction demonstrates, we have the skills, creativity and capacity to meet the full range of our clients’ needs.”
Rose Associates manages the property.