NYC Community Secures $155M Refi
- Mar 26, 2018
RB Apartments, which owns Riverbank West, a 43-story high-rise in Manhattan’s Midtown West neighborhood, has obtained $155 million in refinancing for the property. ING, as administrative agent, underwrote and closed the loan.
Riverbank West is currently going through an extensive renovation. Located at 560 West 43rd Street, between 42nd and 43th Streets, Riverbank West is in a submarket undergoing a significant transformation, the highlight of which is the 17 million-square-foot Hudson Yards.
Common amenities include a clubroom, media lounge, pool and dinning terrace. The dining terrace is focused around a fire pit with vine-covered pergolas and grilling facilities.
Nearby Hudson Yards is Taking Off
The development of Hudson Yards, along with other projects, is transforming the West Side of Manhattan, said Craig Bender, managing director and head of US Real Estate Finance at ING.
More than five years after ground broke at Hudson Yards, the massive redevelopment reached another milestone just last month. Developers Related Cos. and Oxford Properties Group topped out 15 Hudson Yards, which will be Hudson Yard’s first residential building.
“We expect demand for refinancings of multifamily assets to remain strong throughout 2018,” said Bender. “We’re seeing a general slower pace of asset sales, so owners with maturing debt are more likely to refinance rather than sell their assets.
“This applies to both existing assets and to newly developed assets, where refinancing of construction loans with floating rate term loans is becoming more common. The floating rate term loans allow developers a period of time to lease up and stabilize their asset.”