was completed in 2001.
NEW YORK CITY-In two separate transactions, HSBC Bank USA and Prudential Mortgage Capital Co. have provided about $200 million in Manhattan multifamily financings since the beginning of this week. HSBC’s $130-million refinancing, arranged by HFF, was for the Capitol at Chelsea, while PMCC provided $71 million in financing for Olympia House. Both loans are for seven years.
Completed in 2001, the 38-story Capitol at Chelsea was developed by the Witkoff Group, which sold it for $190 million in 2002 to its current ownership, a group of institutional investors advised by J.P. Morgan Asset Management. It’s located at 55 W. 26h St. in Manhattan’s Chelsea neighborhood, and contains 387 rental units, 67,329 square feet of retail and office space and a 140-space parking garage.
The HFF team representing the J.P. Morgan group was led by senior managing director Whit Wilcox and associate director Jennifer Keller. “This transaction reflects an interesting inflexion point in the debt markets at which swapped bank deals prove formidable competition to other traditional fixed-rate debt sources,” Keller says in a release.
PMCC provided the financing on Olympia House at 279 E. 44h St. through its Fannie Mae DUS platform. Built in 1964, the 240-unit apartment tower is about 95% occupied and is owned by a joint venture of Epic U.K. and Ike Management & Development. The ownership was represented by Bob Bakhchi and Jonathan Aghravi of Hybrid Capital.
Evan Williams, a director with PMCC’s New York office, led the transaction. “The centralized location of Olympia House combined with the ongoing demand for rental properties makes this an extremely attractive transaction,” Williams says in a release. “We are pleased that our partnership with Hybrid Capital helped bring this transaction to a successful close. We look forward to providing many more financings in the future.”