Rockrose Secures $80M Refi for Manhattan Community
JLL arranged the 10-year loan for the luxury property in the West Village.
An entity controlled by principals of Rockrose Development has secured a 10-year, $80 million refinancing loan from investment manager AXA IM Alts, for 110 Horatio St., a 152-unit community in Manhattan, N.Y. JLL arranged the fixed-rate deal on behalf of the borrower.
The luxury apartment community had previously been the subject of a permanent $60 million Fannie Mae loan issued in 2015, scheduled to mature in May 2025.
Completed in 1987, 110 Horatio St. is a 94,000-square-foot residential property in Manhattan’s West Village. The community features 87 studios, 42 one-bedroom, 18 two-bedroom and five penthouse units across 10 floors. Shared amenities include a residents’ lounge, bike room, fitness center, roof terrace and a 24-hour attended lobby. Just off state highway 9A and overlooking the Hudson River, the property is near the Whitney Museum of American Art and several subway trains, including the 1, 2, 3, A, C, E and L lines.
JLL Managing Director Geoff Goldstein, Senior Managing Director Steven Klein and Vice President Chris Pratt secured the financing for the multifamily community.
NYC rent growth highest in the U.S.
The upscale asset was 98.7 occupied at the time of the deal. As of March, the national occupancy rate in stabilized properties dropped to 94.4 percent, the lowest it has been in a decade, according to the latest Yardi Matrix multifamily report. As of April, New York City’s rent growth year-over-year ranked highest across the U.S., reaching 5.8 percent, significantly higher than the national average of 0.9 percent.
Rockrose Development owns and manages two other luxury residential properties in the West Village, namely the 148-unit 100 Jane St. and The Archive at 666 Greenwich St. of 479 units, both within 1 mile of 110 Horatio.
