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.
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