Prudential Provides $160.4M for Two NYC Apartments
- May 28, 2013
New York—Prudential Mortgage Capital Co. has provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan’s Upper West Side. The financing was provided in a single transaction for The Aldyn and The Ashley, adjoining properties on Riverside Boulevard between 62nd and 63rd Streets. The borrower, an affiliate of Boston-based GID, used the loan proceeds to purchase the assets. Holliday Fenoglio Fowler served as a broker for the transaction.
“The multifamily sector in New York City, which has one of the lowest vacancy rates in the country, has always been highly desirable thanks to high demand and limited supply,” says Sarah Teunis, a director with Prudential Mortgage Capital Company’s New York office who led the transaction. “Those factors, combined with the high quality of these properties and the strength and expertise of the borrower, made this an extremely attractive investment.”
The Aldyn is a 38-story tower with 286 units, including 136 apartments and 150 condos. The transaction only includes the rentals. The Ashley, a 23-story tower, has 209 units, all of which are rentals. Both buildings were built in 2010 and offer views of the Hudson River and Manhattan.
Canadian REIT Morguard buys six US assets for $232M
Ontario—Morguard North American REIT has completed its purchase of six multifamily properties from an institutional fund sponsored by Pearlmark Real Estate Partners for $232 million. The six assets are composed of 1,959 units located in Kennesaw, Ga.; Bradenton, Fla.; Raleigh, N.C.; and Irving and Garland, Texas.
In connection with the purchase of the six acquired properties, the REIT assumed in-place mortgage financing of $136.9 million with a weighted average interest rate of 4.03 percent and weighted average term to maturity of 3.8 years. After closing the final portion of the Pearlmark acquisition, the REIT will own interests totaling 11,160 units in Canada and the U.S. valued at approximately $1.4 billion.
NorthMarq arranges $23.85M fully amortizing loan
Bollingbrook, Ill.—Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago regional office, arranged first mortgage refinancing of $23.85 million for Greenleaf Apartments, a 321-unit, affordable housing community for seniors located at 502 Kildeer Drive in Bollingbrook, Ill.
Financing was based on a 19.33-year fully amortizing loan for borrower requested terms. NorthMarq arranged this financing for the borrower, Greenleaf Limited Partnership, through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie May DUS Lender.