Search
 

Verbena Road Scores $103M to Refinance Luxury Rental Tower

The 209-unit high-rise with 18,000 square feet of retail is in a market ripe for growth, said Keith Duane, a director for NYL Real Estate Investors.

By Mariah Brown | September 11, 2019 at 07:49 AM
Photo of New York City by Shutterstock.

NEW YORK—Verbena Road Holdings has secured a $103 million mortgage loan from New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., to refinance its 23-floor luxury apartment tower dubbed The Lanthian Apartments.

The 1998-built property located at 377 E. 33rd St., bordering Murray Hill and Kips Bay, joined the Verbena Road portfolio in 2016 for an estimated $173 million. In 2018, the company increased its stake buying out Dermot Company for $49.5 million, according to news reports. The property value of the building is believed to have increased since its recent renovation, which includes upgrades to its apartment interiors, building amenities and common areas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.