TODAY’S DEALS: HFF Arranges $94M in Refi for Luxury Manhattan High-Rise, and Other Transactions
- Jan 13, 2009
By Anuradha Kher, Online News EditorNew York–HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $94 million refinancing for Riverbank West (pictured), a 44-story luxury project in Manhattan.A local New York bank provided the four-year, fixed-rate loan with a five-year extension option.Riverbank West is located at 560 West 43rd St. between 10th and 11th Avenues in the Midtown West neighborhood of Manhattan. The 97 percent leased property has 418 units, 25,738-sq.-ft of retail space and an 84-space underground parking garage. Community amenities include a 24-hour doorman and concierge, business center, laundry facilities and a valet dry cleaning service. Deutsche Bank Berkshire Provides $10M in Fannie Mae Loan to 418-Unit CommunityNorthglenn, Colo.–Deutsche Bank Berkshire Mortgage (DBBM) recently provided a $10 million Fannie Mae loan for the refinancing of Thistle Sage Apartments, a 418-unit garden-style apartment community located in Northglenn, Colo. The financing was structured to be a 10-year interest-only loan and was funded to 49 percent of value. The property was built in 1971 and renovated in 1995. Common amenities include picnic area, heated swimming pools, a playground and laundry facilities. “Fannie Mae remains an excellent source of mortgage capital in this volatile market,” says Ed Belz, a director at DBBM. “We were able to underwrite and approve 10 years of interest-only payments while locking in a low interest rate.” Monem Corp. Acquires Three Properties for Over $3MLos Angeles–Monem Corp. has acquired three multifamily properties totaling 35 units for over $3M.A 15-unit community located at 843 Ardmore in the Koreatown submarket of Los Angeles was acquired for $2.25 million. A 14-unit community located at 737 Burlington in the Koreatown submarket of Los Angeles was acquired for an undisclosed amount and a six-unit community located at 14 Ozone Ave. in Venice, Calif. was acquired for $1.79 million.