NEW YORK CITY-CBRE Investors’ CBRE Capital Partners investment arm has originated first mortgage financing on the Riverhouse condominium project in Battery Park City. According to published reports, the mortgage, which is backed by the 262-unit project’s remaining 77 units, is $61 million over three years and comes with a one-year extension option. A spokeswoman for CBRE Investors did not respond by deadline to GlobeSt.com’s calls for comment.

The project, which is seeking LEED Gold certification, was developed by a partnership of Lehman Brothers and the Shedlrake Organization. According to Commercial Mortgage Alert, the development team lined up a $282.4-million senior mortgage from Helaba Bank and a $74-million junior loan from the AFL-CIO trust. The Helaba loan was paid off, but the development team defaulted on the junior loan when it matured this past November, CMA reported earlier this spring. CBRE was hired to sell the note but stepped in to originate the financing itself, says CMA.

Construction on the 31-story project was completed in 2008, and CBRE Investors says the low-levered loan has enabled the borrower to pay off existing debt that had matured. “The Riverhouse property exemplifies an otherwise successful development project in need of additional time to realize full sell out,” Frank Scavone, COO for CBRE Capital Partners, says in a release.