Rockrose Development will receive $80 million to refinance its Manhattan, 110 Horatio St., property. The deal includes a 10-year fixed-rate loan, which was provided by AXA IM Alts and brokered by JLL.
The financing will be provided to Rockrose's entity, 110-114 Horatio II, LLC.
Located in West Village, the 10-story luxury property offers 152 units, which break down to 87 studios, 18 two-bedrooms, 42 one bedrooms and five penthouse units. Some amenities include a laundry facility, elevator service, bike room, residential lounge, roof terrace and fitness center. Recently, all 152 units underwent interior renovation. Currently, the occupancy of 110 Horatio stands at 98.7 percent.
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Also, the asset is within a 10-minute walk from MTA transportation that can take residents to Lower Manhattan and Midtown.
"With no large-scale product within the Lower West Side submarket under construction or scheduled for delivery in the next five years, 110 Horatio St. is poised to benefit from continued demand in the rental market," JLL said in a statement.
Along with 110 Horatio Street, Rockrose also operates other residential assets, including 100 Jane Street and The Archive.
New York City's multifamily sector as a whole enjoyed strong demand in the first quarter thanks to the dominance of free-market assets. According to a report from Ariel Property Advisors, dollar volume surged by 62 percent year-over-year to $2.21 billion, with transactions rising by five percent to 269. Manhattan, individually, posted a 36 percent increase and a five percent rise in dollar volume and transactions, respectively.
JLL's Chris Pratt, Geoff Goldstein and Steven Klein were involved with the refinancing deal at 110 Horatio.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
