RFR and Vanke Land $360M for Manhattan Condo
- Apr 29, 2015
New York—Manhattan-based RFR has teamed up with Vanke—China’s largest residential developer—to deliver a 61-story condo at 100 East 53rd Street in New York. The duo recently landed $360 million in financing from the Industrial and Commercial Bank of China for the 94-unit luxury condo property. HFF arranged the financing.
The tower was designed by Foster + Partners and is due for delivery in 2017. Amenities will include a swimming pool, sauna, steam room, fitness center, yoga room, pilates studio, massage/spa treatment rooms, lounge, media room and concierge service.
Walker & Dunlop closes $152M loan portfolio within 48 days
Bethesda, Md.—Walker & Dunlop Inc. announced the closing of a $152.94 million, eight property, loan portfolio with a long-time repeat borrower based in Arizona. The properties are located in Texas, Oklahoma and Arizona. Vice President Alex Inman led the Walker & Dunlop team and closed the transactions within 48 days of the borrower signing the applications.
The borrower financed the portfolio via Freddie Mac’s Capital Markets Execution (CME) program and utilized the seven-year, floating-rate Capped ARM product. Seven of the eight deals in the portfolio are structured with one year of interest only and a 30-ear amortization thereafter. The eighth deal is structured with a 30-year amortization. The average loan-to-value and debt-service-coverage ratio of the portfolio is 77 percent and 1.28, respectively. Additionally, the borrower recouped a significant amount of equity at closing and the new loans provide a more favorable prepayment structure. The initial blended start rate of the pool is 2.39 percent.
Greystone arranges financing for Strategic Properties acquisition
Lakemoor, Ill.—Greystone has provided Strategic Properties with a $43.8 million Fannie Mae DUS loan for the acquisition of The Meadows Apartmant Homes, a 496-unit community located in Lakemoor, Ill. Strategic Properties add the community to its portfolio for $53 million. Terms of the 12-year loan include four-years interest only at a low fixed rate.
The Meadows is located at 450 Sullivan Lake Blvd. in Lakemoor, about 50 miles northwest of Chicago. The 1990-built community features one- and two-bedroom apartments and townhomes. Amenities include a fitness center, pool, resident lounge and tennis and volley ball courts.