Silverstein Properties owns the square block between West 42nd and 41st streets and 11th and 12th avenues in Manhattan. One River Place is on the western portion of the site. The tower contains 921 rental units, a 200-car parking garage, 40,000 sf of retail shops, a 35,000-sf health club, two outdoor tennis courts, a basketball court, party room, workout facilities and sundecks. It is 98% rented.

The financing was arranged by APF Capital Markets through the auspices of Nomura Credit & Capital Inc. The loan consists of a conventional fixed-rate, 10-year term with amortization spread across 30-years. The property is a taxable 80/20; whereby 20% of the total residential units have been set-aside for 184 moderate-income families. A source tells GlobeSt.com that the low-interest rate environment sparked the refinancing. Silverstein Properties did not respond to a request for additional information on the arrangement.

The client borrower is River Place Holdings, LLC, a single-asset entity controlled by Silverstein Properties. Silverstein currently manages and leases more than seven million sf of real estate here. APF is a full-service nationwide commercial property lender with a loan-servicing portfolio in excess of $7 billion.