(Read more on the multifamily market and more on the debt and equity markets.)
NEW YORK CITY-Locally based O'Connor Capital Partners has closed on $750 million of senior financing from HSH Nordbank AG, a commercial bank headquartered in Hamburg/Kiel, Germany. The firm will use the money for its Manhattan House redevelopment on Manhattan's Upper East Side.
The financing follows a recent decision by O'Connor to buy out its previous partner, N. Richard Kalikow, and assume full control of the 66th St. condo conversion. Jerry O'Connor, managing partner of O'Connor Capital Partners, notes that even with almost no advertising to date, the market response has been mostly positive to plans for the landmark building, which was purchased for $625 million in 2005. O'Connor plans to invest $1 billion in converting the Manhattan House from an apartment community into a luxury condo complex.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.