Real estate investment company BLDG Management has announced that it has secured a $ 289 million loan for The Summit, its 429-unit luxury apartment tower in Midtown Manhattan. The 10-year fixed-rate Freddie Mac loan refinances the Bank of China owner’s previous $ 251 million construction loan in 2015.
A team of debt advisors from Greystone Capital Advisors consisting of Drew Fletcher, Matthew Klauer and Cassandra Connolly represented BLDG in the loan transaction.
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Located on E. 44e St. in Murray Hill, The Summit encompasses 441,000 square feet over 42 floors. Of the 429 units, 109 are designated affordable, including 22 units for tenants earning 120% or less of the MAI, 44 for tenants earning 60% of the MAI, and 43 units for residents earning 40% or less of the MAI. ‘FRIEND.
Completed in 2019, the layout of units in the building ranges from studios to two bedrooms. Residents’ amenities include a fitness center, clubhouse, basketball and squash courts, children’s playroom, swimming pool and 250 underground parking spaces. The property also includes more than 7,000 square feet of retail space on the ground floor, according to data from Yardi Matrix.
BLDG, based in New York, owns and operates several multi-family properties in Manhattan. Freddie Mac’s production manager Naureen Versi, who worked on the deal, said it was a carefully coordinated “large and complex transaction” between Freddie Mac, the Housing Finance Agency. of New York State, Greystone and BLDG.
Manhattan’s rental market has faced serious headwinds in recent months due to the ongoing pandemic. According to Douglas Elliman’s September 2020 market report, Manhattan listing inventory set a 14-year record, more than triple the total from a year ago, as median net effective rent fell by 11%, the lowest amount in more than seven years.
However, despite the difficulties of the rental market, new developments are still underway in the five boroughs. Last month, RXR Realty topped a 34-story apartment tower in Brooklyn’s Fort Greene neighborhood that features a mix of market-priced and affordable units. Construction began last year on The Willoughby, which is located on Long Island University’s downtown Brooklyn campus and will include 476 units when fully completed.