Rockrose Development is refinancing its luxury apartments at 666 Greenwich Street. An affiliate of the developer secured a $404 million mortgage loan from Freddie Mac through PNC Bank as the seller-servicer for the property in West Village of Manhattan.
Avison Young arranged the deal, with the brokerages' Tri-State Debt & Equity Principals Scott Singer and Andy Singer taking the lead.
"This financing underscores the ongoing strength of the New York City multifamily market and the excellence of this unique property," Singer said in a statement.
"Our relationship with Rockrose, which spans more than half a century, is a testament to a legacy of collaboration that has driven consistent success across many market cycles."
Known as The Archive, the property covers a full block and features 479 units. The 11-story building includes double-height ceilings, duplex layouts, arched windows and many of the apartments come with a washer and dryer. Some other perks at the site include a parking garage and valet. The site is one block from the Hudson River waterfront.
In the first quarter, median rents in New York City accelerated by 6.2 percent year-over-year to $3,616. Manhattan had the strongest performance by borough, thanks to its 8.3 percent surge.
Earlier this year, Rockrose scooped up a former hospital site in Brooklyn's Cobble Hill neighborhood for $100 million in a deal that was reported by Traded. It's unclear what Rockrose's plans are for the site that includes 363 Hicks Street, 365 Hicks Street, 340 Henry Street and 97 Amity Street.
Throughout its history, the firm has developed, purchased or renovated roughly 15,000 apartments across New York and Washington, D.C.
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