NEW YORK CITY—Oak Grove Capital has arranged a refinancing for 33 West End Avenue Apartments, a 211-unit, mixed income high-rise on the Upper West Side.
C. W. Early, VP of Oak Grove Capital's affordable housing group, worked with borrower Atlantic Development to originate the $82 million Fannie Mae loan. The floating-rate loan has a unique 20-year term with a 35-year amortization and a one-year lockout, giving the borrower attractive prepayment flexibility throughout the life of the loan.
Says Early, “A lot of lenders claim to provide customized solutions for their borrowers, but this financing was the first of its kind with Fannie Mae, which gave our customer a truly customized financing solution: long-term cash out, prepayment flexibility and a low interest rate. The long-term execution allows the property to transition through the 421A tax exemption burn-off, and the prepayment flexibility allows the customer to keep options open at the same time. At a sub-2% current pay rate, this execution also provides very strong cash flow in the current rate environment.”
Peter Fine, CEO of Atlantic Development adds, “This was a complicated transaction that needed an experienced affordable housing lender with strong agency relationships. We couldn't have asked for more from the Oak Grove team on the successful execution.”
33 West End Avenue Apartments is a 25-story property that offers tenants amenities like 24-hour concierge services, a fitness center, a tenant lounge, shuttle service to the train station, in-unit and ground-floor laundry rooms, and an outdoor terrace.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
