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.
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.
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 in the northeast, in a statement. The New York University Langone Medical Center has long demonstrated its commitment to the submarket, investing in infrastructure, and Alexandria Real Estate Equities development of the Alexandria Center for Life Science is underway. The aforementioned investments are anticipated to boost multifamily demand in the coming years.
The expansion in the submarket and quality of the multifamily asset built further confidence of NYL Real Estate Investors expanding its relationship with Verbena, Duane said in the statement. The luxury apartment community is a mash-up of studios, one-, two-, three- and four-bedrooms, averaging 724 square feet. Residents have access to fitness and business centers, community room, playground, spa, and in-house laundry. Bellevue Hospital and the East River waterfront are walking distance.