TODAY’S DEALS: HFF Arranges $150M for Manhattan High-Rise

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HFF announced that it has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit, Class A multi-housing property near Manhattan’s Madison Square Park; and Walker & Dunlop provides a $53 million Freddie Mac loan for a mixed-use property

New York—HFF announced that it has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit, Class A multi-housing property near Manhattan’s Madison Square Park.

HFF worked exclusively on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers.

The Madison Belvedere is located at 10 East 29th Street between Fifth and Madison Avenues three blocks north of Madison Square Park. Built in 1999, the property consists of studios and one- and two-bedroom units, which are 93 percent leased. Community amenities include a state-of-the-art fitness center, concierge, landscaped plaza, private storage units and a furnished roof deck that provides 360-degree views of Manhattan.

The HFF team representing the borrower was led by managing directors John Rose and Steven Klein.

Established in 1983, Invesco Real Estate manages $50 billion of real estate investments in both direct property and real estate securities. With 334 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. The firm manages approximately $30.1 billion in direct real estate portfolios and $19.7 billion in real estate securities portfolios. Invesco Real Estate is an investment center of Invesco Institutional (N.A.) Inc., a subsidiary of Invesco Ltd. (IVZ), which is a publicly traded money management firm.

Walker & Dunlop provides $53M Freddie Mac loan for mixed-use property

Fort Lauderdale, Fla.—Walker & Dunlop Inc. announced it recently provided $53.09 million for Falls at Marina Bay, a mixed-use development located in Fort Lauderdale, Fla.

The Class A 376-unit community, located on the New River along the Marina Mile in the heart of Fort Lauderdale’s yachting district, was developed in 2000 by Taplin Development Co., and includes a 168-slip marina with a 9,000 square foot office building featuring a waterfront restaurant and dockmaster’s office. The property also features a 10,000 square foot clubhouse and typical Class A amenities, including a coffee bar, movie theater and tennis courts. Residents at Falls at Marina Bay are provided with waterfront/marina views and the marina benefits from access to the Class A amenities.

Jack Taplin, of Taplin Development, says, “Walker & Dunlop, together with Freddie Mac, has provided more than $100 million of multifamily loans for us over the last 12 months. This transaction for Falls at Marina Bay was very complex, due to the mixed-use component. Walker & Dunlop was able to underwrite and provide financing as one loan for the entire development, even though the apartments, marina and commercial properties had previously been financed separately. This enabled us to realize untapped equity and enhance the cash flows at the property. We look forward to teaming up with Dave Gahagan, Walker & Dunlop and Freddie Mac again soon.”

Walker & Dunlop Senior Vice President David Gahagan led the Walker & Dunlop team.


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