NEW YORK CITY-Mann Realty Associates has acquired a total of $528 million of financing to acquire and renovate the Apthorp. The century-old apartment building, located at 2207 Broadway and 390 West End Ave., received $393 million from Anglo Irish Bank and $135 million from Apollo Real Estate Finance Corporation.
The 12-story, 346,910-sf building is located on Manhattan's Upper West Side and contains 163 apartments as well as 117 parking spaces and more than 25,500 sf of retail space. The Apthorp will undergo $95 million of renovations and improvements throughout the property.
"Landmark buildings of this quality and in this location seldom come to market," says Anglo Irish's Tony Campbell, president and CEO, in a statement. "With our client's extensive experience in repositioning and managing residential properties of this magnitude, I am confident that this will prove to be yet another successful project by Mann Realty."
Anglo Irish's $393-million loan was for first mortgage financing while Arefin's was mezzanine financing. "Anglo Irish Bank and Arefin were able to provide us with the flexible structure necessary to support our long-term strategy for this asset," says Maurice Mann, CEO of Mann Realty. "They worked quickly to structure and close the financing to enable us to begin the renovation process."
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