(Read more on the debt and equity markets andmore on the multifamilymarket.)
[IMGCAP(1)]NEW YORK CITY-Locally based JEMB Realty refinancedHerald Towers, the trio of 25-story towers at 50 W. 34th St., for$250 million. Structured Real Estate Finance Group at M&T Bankarranged the three-year short-term financing.
“We are delighted to continue to maximize the value of HeraldTowers, one of the city's premier residential rental properties inMidtown,” notes Joseph Jerome, principal of JEMB. He explains thatthe refinancing will simultaneously free up substantial equity togrow and enhance JEMB Realty's presence in the North American realestate marketplace and expand its asset base.
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