Thursday, 03 January 2013

Manhattan Apartments Get $28Mln Loan

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Commercial Real Estate Direct Staff Report

Astoria Federal Savings and Loan Association has provided a $28 million loan against the Tribeca Abbey, a 123-unit apartment building at 121 Reade St. in Manhattan.

The property owner, an affiliate of Abington Properties, a New York real estate management company, used the 10-year debt to retire a loan with a $12.4 million balance that was securitized through Salomon Brothers Mortgage Securities VII, 2001-MM.

The CMBS debt had a coupon of 6.61 percent and was scheduled to mature June 2013. Abington Properties has made a prepayment penalty of $403,187.

The 12-story building was constructed in 1997 between Chambers and Hudson streets. It generated $3.5 million of net cash flow in 2011, according to servicer data compiled by Morningstar Credit Ratings.

The building's units have up to three bedrooms each. It includes a courtyard and laundry room.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $25 million and $50 million
  • Private: No
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