Prudential Mortgage Capital Company provides $160.4 million in financing for New York apartment buil
Prudential Mortgage Capital Company provides $160.4 million in financing for New York apartment buildings
NEW YORK--(BUSINESS WIRE)-- Prudential Mortgage Capital Company provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan's Upper West Side, the company announced today. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYS: PRU) .
"The multifamily sector in New York City, which has one of the lowest vacancy rates in the country, has always been highly desirable thanks to high demand and limited supply," said Sarah Teunis, a director with Prudential Mortgage Capital Company's New York office who led the transaction. "Those factors, combined with the high quality of these properties and the strength and expertise of the borrower, made this an extremely attractive investment."
The company provided financing in a single transaction for The Aldyn and The Ashley, adjoining properties on Riverside Boulevard between 62nd and 63rd streets, where they share a common courtyard and indoor recreational facilities. The borrower, an affiliate of Boston-based GID, used the loan proceeds to purchase the buildings.
The Aldyn is a 38-story tower with 286 units, including 136 rental apartments and 150 condominiums. This transaction only includes the rentals. The Ashley is a 23-story tower with 209 units, all of which are rental apartments. Built in 2010, both buildings offer views of the Hudson River and Manhattan. Units include stone countertops, custom cabinetry, separate showers and bathtubs in master baths, hardwood floors, floor-to-ceiling windows and premium appliances.
HFF served as broker with Riaz Cassum, Jay Marshall, Robyn King and Jennifer Keller leading the team.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $76.3 billion in assets under management and administration as of March 31, 2013. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential's general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $71.7 billion, as of March 31, 2013. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYS: PRU) , a financial services leader with approximately $1.061 trillion of assets under management as of March 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/
Prudential Financial, Inc.
John Chartier, 973-802-9829
KEYWORDS: United States North America New Jersey New York
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