Prudential Mortgage Capital Provides $71M for Manhattan Asset
- Dec 04, 2012
New York—Prudential Mortgage Capital Co. has provided a $71 million loan through its Fannie Mae DUS platform for Olympia House, a 22-story, mixed-use property located in Midtown Manhattan on East 44th Street across from the U.N. headquarters.
Olympia House was built in 1964 and consists of 240 studio, one- and two-bedroom apartments, 60 of which are rent stabilized. The seven-year full term interest only, fixed-rate loan lets the borrower refinance the property with cash out above the current amount. The borrower was represented by Hybrid Capital.
“The multifamily sector continues to be a strong performer in the market, particularly in New York City. The centralized location of Olympia House combined with the ongoing demand for rental properties makes this an extremely attractive transaction,” says Evan Williams, a director with Prudential Mortgage Capital Company’s New York office. “We are pleased that our partnership with Hybrid Capital helped bring this transaction to a successful close. We look forward to providing many more financings in the future.”
Camden buys a development site in Florida
Plantation, Fla.—Camden Property Trust has acquired a 2.42-acre site in Plantation, Fla., for the development of the second phase of its Midtown project. The parcel was sold by American Land Ventures in a transaction orchestrated by ARA.
“Midtown Phase II offers Camden an incredible opportunity to build a trophy asset located in one of South Florida’s most coveted locations,” says Troy Ballard, lead broker on the deal. “Midtown Phase II is within walking distance to major employment, high-end shopping, dining and entertainment choices within the 860-acre Plantation Midtown District. This type of location is what every multifamily developer and institutional owner is looking for in today’s development environment.”
The Class AAA development is located next to Phase I of the Midtown development, a 236-unit community that ARA sold for $68.4 million, or $290,000 per unit.
Alliant Capital completes $1.425M refi
Costa Mesa, Calif.—Alliant Capital LLC, a leading national debt financier for the multifamily industry, announced today the closing of a $1,425,000 refinance loan on a 13-unit garden style multifamily property, located in Costa Mesa, California. This transaction was originated by Dale Holzer, Alliant’s vice president in the Orange, California office.
The loan was closed on Nov. 16, 2012 with a 3.77 percent interest rate and structured with a 10-year fixed-rate term and a 30-year amortization.