Luxury Manhattan multifamily high-rise Riverbank West Obtains $94M Loan
HFF senior managing directors Mike Tepedino, (top right photo) Dana Brome, (top left photo) Joe Morningstar and Andrew Scandalios (middle right photo) worked on behalf of the borrower, advised by Cornerstone Real Estate Advisers LLC (“Cornerstone”), a subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), to secure the financing through a local New York bank.
“The ability to close this transaction during difficult market conditions is a testament to the sponsorship of the Cornerstone team and their best-in-class asset,” said Tepedino. “This loan demonstrates that there is continued liquidity in the marketplace for top tier properties.”
CONTACTS:
The portfolio is located within the Quorum Office Park adjacent to the Dallas North Tollway and Belt Line Road intersection in Far North Dallas.
“The portfolio’s position within the submarket, combined with the owner’s historical success and the commitment to management and leasing of these assets, made this transaction attractive to potential lenders,” said MacKenzie. “Both the borrower and lender demonstrated flexibility and perseverance, which provided for a smooth closing process despite the current capital markets environment.”
CONTACTS:
NEW YORK, NY – The New York and Hartford offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a $94 million refinancing for Riverbank West, (above centered photo) a 44-story luxury multifamily building in Manhattan.
HFF senior managing directors Mike Tepedino, (top right photo) Dana Brome, (top left photo) Joe Morningstar and Andrew Scandalios (middle right photo) worked on behalf of the borrower, advised by Cornerstone Real Estate Advisers LLC (“Cornerstone”), a subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), to secure the financing through a local New York bank. The four-year, fixed-rate loan has a five-year extension option.
“The ability to close this transaction during difficult market conditions is a testament to the sponsorship of the Cornerstone team and their best-in-class asset,” said Tepedino. “This loan demonstrates that there is continued liquidity in the marketplace for top tier properties.”
"The bank’s attractive prepayment schedule also provided enhanced flexibility for the owners going forward,” added Brome.
Riverbank West is located at 560 West 43rd Street between 10th and 11th Avenues in the Midtown West neighborhood of Manhattan The 97% leased property has 418 units, 25,738 square feet of retail space and an 84-space underground parking garage.
Community amenities include a 24-hour doorman and concierge, business center, laundry facilities and a valet dry cleaning service. In addition, 86% of the units have balconies or terraces with views of Midtown and Downtown to the north, south and east and the Hudson River to the west.
Cornerstone, founded in 1994, is an SEC registered real estate investment advisor that is an indirect wholly-owned subsidiary of MassMutual with more than $10 billion in real estate assets under management including hotels, office buildings, apartments and shopping centers throughout the United States and Canada for pension, endowment, foundation and insurance company clients.
MassMutual is a global, diversified financial services organizatio
n providing life insurance, long-term care insurance, annuities, disability income insurance, structured settlements, investments, mutual funds and retirement savings products to individual and institutional customers.
n providing life insurance, long-term care insurance, annuities, disability income insurance, structured settlements, investments, mutual funds and retirement savings products to individual and institutional customers. Organized as a mutual company, MassMutual holds the highest possible financial strength rating from Standard & Poor’s (AAA). With more than $500 billion under management, MassMutual has emerged as one of the largest and most highly regarded financial services firms in the world and was recently designated as one of America’s Most Admired Companies by Fortune magazine.
CONTACTS:
MICHAEL J. TEPEDINO, HFF Senior Managing Director, (212) 245-2425, mtepedino@hfflp.com
DANA E. BROME, HFF Senior Managing Director, (860) 275-6199, dbrome@hfflp.com
Three-Property Dallas office portfolio Receives $21.5M
DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $21.5 million refinancing for a three-property office portfolio totaling 465,865 square feet in Dallas, Texas.
The three properties include: 5000 Quorum, Quorum Place and Quorum North. 
(centered photos above)
(centered photos above)Working exclusively on behalf of Harbert Management Corporation, HFF managing director Kevin MacKenzie (bottom right photo) placed the three-year, fixed-rate loan with ViewPoint Bank. Loan proceeds will be used to refinance the current loan.
The portfolio is located within the Quorum Office Park adjacent to the Dallas North Tollway and Belt Line Road intersection in Far North Dallas.
“The portfolio’s position within the submarket, combined with the owner’s historical success and the commitment to management and leasing of these assets, made this transaction attractive to potential lenders,” said MacKenzie. “Both the borrower and lender demonstrated flexibility and perseverance, which provided for a smooth closing process despite the current capital markets environment.”
Harbert Management Corporation is an investment management firm focusing on alternative assets with $24.5 billion in assets and committed capital under management as of August 1, 2008. HMC serves endowments, foundations, pension funds, financial institutions, insurance companies, high net worth families and individuals.
CONTACTS:KEVIN C. MACKENZIE, HFF Managing Director, (214) 265-0880, kmackenzie@hfflp.com
KRISTEN M. MURPHY HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com
No comments:
Post a Comment