Manhattan M-F Portfolio Attracts $94.4M in Financing
- May 08, 2013
Multi-family is still reeling in the lenders. A 12-property apartment portfolio in Manhattan has just been refinanced to the tune of $94.4 million, courtesy of Beech Street Capital L.L.C. The mortgage banking firm financed a group of Freddie Mac loans for owners Henry Moses and Robert Moses as part of its correspondent relationship with originator Meridian Capital Group L.L.C.
The portfolio was irresistible. “[They’re] low-leveraged, well-located Manhattan properties,” Meridian’s Josh Rhine told Commercial Property Executive. The collection of apartment communities encompasses 488 residences located on the Upper East Side, Lower East Side and in the East/West Village. And the tenant rosters are full at all 12 properties.
The Moses brothers have owned some of the assets for over a decade, having amassed the portfolio over a nine-year period beginning in 1999. A Wall Street lender had held the majority of the loans on the assets. The entire group of loans has now been replaced with a full-term seven-year interest-only loan package.
“The borrower was extremely pleased with the entire process,” Rhine said in a prepared statement. “Beech Street understood what they wanted and delivered accordingly.”