Arden Living has secured $161 million to refinance Forty-Six Fifty, an apartment complex in New York City, according to a report from the Commercial Observer.
The property is located just east of Morris Heights in the Bronx and in Upper Manhattan's Inwood neighborhood. The asset consists of 222 units.
The 22-story building offers residents a luxury experience with its studios, one-bedroom and two-bedroom apartments. Some amenities include tranquil garden spaces, resident storage, bike storage, onsite parking, a children's playroom, a pet spa, a gaming lounge, a basketball court, a fitness center and co-working spaces. More than 125,000 square feet of commercial space is featured at Forty-Six. Some tenants that operate at the property include Fine Fare Gold Supermarket and School in the Square.
Forty-Six is within walking distance of Fort Tryon Park and is also near various other green spaces like Inwood Hill Park and art and culture offerings, including The Met Cloisters.
Starwood Property Trust provided the loan.
“This refinancing reflects the strength of the project’s fundamentals, sustained leasing performance, and the long-term value it brings to our portfolio,” Arden said in a statement, according to CO.
Arden Living serves as Arden Group's multifamily unit. The refinancing news comes after the parent company announced that Forty Six surpassed more than 100 lease signings earlier this year.
Arden Group's portfolio shows one other property in NYC: A 240-key hotel in Midtown, Manhattan — Le Meridien NYC.
Currently, NYC is in a period of transition, as Mayor-elect and Democratic socialist Zohran Mamdani prepares to lead Gotham. While some of his progressive policies, like freezing the rent, have caused some angst among those in the residential sector, Jonathan Chambre, a senior director at Apprise by Walker & Dunlop, recently told GlobeSt. that the institutional investment appetite for multifamily as a whole is "very strong" in NYC and he doesn't see that changing anytime soon.
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