NEW YORK CITY-Prudential Mortgage Capital Co. said Tuesday it had provided $160.4 million in acquisition financing for two adjacent apartment towers on Manhattan's Upper West Side. The loan proceeds went toward the acquisition of the Aldyn and the Ashley, which GlobeSt.com previously reported was sold to CalPERS for about $400 million through GID Investment Advisers LLC, its Boston-based real estate manager for residential transactions. The seller was a partnership led by the Carlyle Group.
“The multifamily sector in New York City, which has one of the lowest vacancy rates in the country, has always been highly desirable thanks to high demand and limited supply,” Sarah Teunis, a director with PMCC's New York office who led the transaction, says in a release. “Those factors, combined with the high quality of these properties and the strength and expertise of the borrower, made this an extremely attractive investment.”
Both located alongside Riverside Boulevard between 62nd and 63rd streets, the Aldyn and Ashley share a common courtyard and recreational facilities. The acquisition financing covers only the 136 rental apartments at the Aldyn, out of a total of 286 residential units, as well as all 209 rentals that comprise the Ashley.
HFF brokered the deal, with Riaz Cassum, Jay Marshall, Robyn King and Jennifer Keller leading the team.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.