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Thursday, 12 October 2017

Natixis, UBS Lend $550Mln Against 2 Manhattan Apartment Buildings

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Natixis Real Estate Capital and UBS have provided a total of $550 million of financing against the Yorkshire Towers and Lexington Towers, with a total of 829 apartment units on Manhattan's Upper East Side.

The fixed-rate financing, arranged by Cushman & Wakefield, allowed the properties' owners, a venture of the Chetrit family and Stellar Management, to refinance $425 million of debt that Deutsche Bank had provided in 2014. That debt had been arranged by a team at Eastdil Secured led by Doug Harmon and Adam Spies, who now are with Cushman. They worked on the financing with Cushman's equity, debt and structured-finance team.

The Chetrit/Stellar team had purchased the two buildings three years ago for $500 million from Irving Schneider, the former business partner of Harry Helmsley.

Yorkshire Towers has 692 units on 21 floors at 305-315 East 86th St. and was constructed in 1964, while Lexington Tower has 137 units in 15 floors at 160 East 88th St., at the corner of 88th Street and Lexington Avenue. Both are near subway stations and recently underwent massive renovation campaigns that included the installation of oak flooring, stainless-steel appliances and Bosch washers and dryers.

The two properties have 24-hour doormen, fitness centers and underground parking with valet services, while the Yorkshire building includes a swimming pool, sauna, children's playroom and dedicated driveway - a rarity in Manhattan.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Valuation: More than $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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