(Read more on the debt and equity markets and more on the multifamily market.)
[IMGCAP(1)]NEW YORK CITY-Locally based JEMB Realty refinanced Herald Towers, the trio of 25-story towers at 50 W. 34th St., for $250 million. Structured Real Estate Finance Group at M&T Bank arranged the three-year short-term financing.
“We are delighted to continue to maximize the value of Herald Towers, one of the city's premier residential rental properties in Midtown,” notes Joseph Jerome, principal of JEMB. He explains that the refinancing will simultaneously free up substantial equity to grow and enhance JEMB Realty's presence in the North American real estate marketplace and expand its asset base.
[IMGCAP(2)]Built in 1913 as a hotel and long known as the McAlpin House, this historic property was acquired by JEMB Realty in 1999 for $150 million, in a transaction also financed by M&T Bank. Through hands-on asset management, a multimillion-dollar capital improvement program and contributions to the Herald Square neighborhood's renaissance, JEMB has transformed Herald Towers into a residential rental property, according to the company.
“As home to a variety of national retailers and approximately 693 residential tenants, the asset has increased in value significantly,” explains Peter D'Arcy, group manager of the Structured Real Estate Finance Group at M&T Bank in New York City. “The ownership sought to capitalize on an increase in equity.”
Including the refinancing of Herald Towers, JEMB Realty secured refinancing capital totaling nearly $750 million in the past year alone for Herald Center, the vertical shopping mall; 150 Broadway, the 250,000-sf, 23-story office tower; 75 Broad St., the 675,000-sf, 33-story office tower; and Regatta Bay, the luxury condominium in Annapolis, MD. Retailers located at Herald Towers include Forever 21 and Gap.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
