HFF arranges $150 million financing for high-rise multi-housing property in Manhattan

                                                Madison Belvedere, Manhattan, NY

DALLAS, TX – HFF announced today that it has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit, Class A multi-housing property near Manhattan’s Madison Square Park.

Steven Klein

 HFF worked exclusively on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers. 

The Madison Belvedere is located at 10 East 29th Street between Fifth and Madison Avenues three blocks north of Madison Square Park. 

Built in 1999, the property consists of studio, one- and two-bedroom units, which are 93 percent leased.  Community amenities include a state-of-the-art fitness center, concierge, landscaped plaza, private storage units and a furnished roof deck that provides 360-degree views of Manhattan.

John Rose

                The HFF team representing the borrower was led by managing directors John Rose and Steven Klein.

                Established in 1983, Invesco Real Estate manages $50 billion of real estate investments in both direct property and real estate securities.  With 334 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence.

 The firm manages approximately $30.1 billion in direct real estate portfolios and $19.7 billion in real estate securities portfolios.  Invesco Real Estate is an investment center of Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd. (IVZ) which is a publicly traded money management firm.

  

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com