33 West End.
NEW YORK CITY- Atlantic Development Group has secured two fixed-rate, long-term Fannie Mae loans for 33 West End Apartments and Port 10 Apartments, its two Manhattan mixed-income, high-rise residential buildings. Jones Lang LaSalle arranged the deal.
As a Fannie Mae DUS lender, Jones Lang LaSalle Multifamily, LLC, will service both loans, which include the $80 million loan for 33 West End Apartments, and the $39 million loan for Port 10 Apartments.
The deal posed some challenges to originate with long-term executions that allowed the properties to transition through the 421-A tax exemption burn-off period and still maintain historically low-interest rates with long-term interest-only periods, to enhance cash flows, said Managing Director C.W. Early in a prepared statement.
"These were complicated transactions that needed an experienced lender with strong agency relationships," said Peter Fine, CEO of Atlantic Development in New York City, in a prepared statement.
In proximity to Lincoln Center and Central Park on the Upper West Side, it sits 33 West End Apartments, a 211-unit 25-story property. The building consists of a mix of affordable and market-rate studios, one-bedroom and two-bedroom units, ranging from 426 to 1,182 square feet, along with 7,191 square feet of ground-floor retail. Amenities include 24-hour concierge services, a fitness center, tenant lounge, bus service to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace.
Located on 10th Avenue between West 27th and West 28th Street in Chelsea, Port 10 Apartments is a 13-story, 89-unit property completed in 2010. The building includes 8,000 square feet of ground-floor retail. Nearly 98% leased, the building consists of 71 market-rate and 18 affordable units with a resident lounge, rooftop, fitness center and bike storage.
"These deals presented a multitude of unique challenges for which JLL and Fannie Mae found solutions,"Early said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
