Market Conditions Fuel Record $170M Refi

NEW YORK CITY-In a deal for Fannie Mae’s record books, American Property Financing has secured a $170-million Fannie Mae DUS loan for West End Towers. The property’s owner, Brodcom West Development Co., took advantage of the current market conditions to refinance the multifamily complex.

West End Towers contains 1,000 units on the Upper West Side of Manhattan; 20% of the units are set aside as affordable housing. The loan for the multifamily high rise uses $135 million in tax exempt New York City Housing Development Corp. bonds in combination with a $35-million second mortgage. The refinancing amortizes on a 30-year schedule. According to a spokesman at APF, the use of tax-exempt bonds is common for properties that include an affordable housing component.

The property was developed by the Brodsky Organization of Manhattan between 1994 and 1995, 10 years after the company acquired the land. Brodcom West Development Corp. is a general partnership sponsored by the Brodsky Organization. The five-building complex has 39 floors and offers a garage, on-site superintendent, health club, doorman, bicycle room and a pool in its amenity package.