Global Holdings Management Group has landed a $249.1 million loan to refinance its Anagram NoMad multifamily property.
The terms of the debt include a five-year term with an interest-only fixed rate. JLL represented Global Holdings on the deal. The loan was secured through Freddie Mac and Wells Fargo Multifamily Capital.
“With a world-class sponsor, this transaction garnered much attention and we were able to take advantage of extremely tight credit spreads available in the market today,” Peter Rotchford, one of JLL's senior managing directors who helped broker the deal, said in a statement. JLL's Christopher Peck, Nicco Lupo, Christopher Pratt and Rob Hinckley were also involved.
Located at 10 East 29th St, Anagram offers a total of 392 high-rise rentals. This breaks down to 278 one bedrooms, 70 two bedrooms, 20 three bedrooms and 24 studios. Of the units, 99 percent are at market rates. Some additional features include wood flooring, stainless steel appliances and private balconies.
The refinancing comes about five years after Global Holdings originally bought the property and "invested significant capital" to upgrade the 50-story residential tower, according to JLL. This includes adding a fitness center and a Breads Bakery cafe for exclusively tenants.
The building gets part of its name from the NoMad neighborhood in Manhattan, where the site is located. Anagram NoMad is located in proximity to Madison Square Park and is within walking distance to the Park Avenue subway station and Midtown's business district.
As New York City deals with a housing affordability crisis, rents are continuing to pick up momentum. A second-quarter report from Realtor found that prices in the metro surged by 3.7 percent or $123 year-over-year to $3,491. Manhattan came in 3.3 percent higher, trailing only Brooklyn, where rents
jumped by six percent.
Global Holdings operates a total of 14 residential properties in NYC, according to its asset portfolio.
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