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Monday, 23 March 2020

Lenders Led by JPMorgan Provide $155Mln Against Manhattan Apartments

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Commercial Real Estate Direct Staff Report

A group of lenders led by JPMorgan Chase Bank has provided $155 million of financing against the 250-unit Hudson 36 apartment property in Manhattan.

The loan allowed the 38-story building's owner, Lalezarian Properties, to retire $135 million of construction financing that JPMorgan had provided between 2015 and last year.

Lalezarian, of Lake Success, N.Y., acquired the property's development site in 2013 for $21.25 million. At the time, the site held a 37,929-square-foot commercial building that was razed to make way for Hudson 36, which was completed last year.

The property, at 515 West 36th St., has a mix of studio, one- and two-bedroom units with granite countertops, stainless-steel appliances and washers and dryers. The building's three lowest floors contain retail space, while four other floors house amenities that include a fitness center, screening room, entertainment lounge, spa and hot tub. Units are housed in the building's top 31 floors.

The building is staffed by a 24-hour doorman and also has a rooftop terrace with barbecue grills, bicycle storage and parking garage.

Monthly rents range from $3,289/unit for a studio to $8,900/unit for a two-bedroom, two-bathroom unit, according to the StreetEasy.com website.

Hudson 36 sits between 10th and 11th avenues, a block from the Jacob K. Javits Convention Center in the borough's Hudson Yards area.

Lalezarian is a longtime developer of Manhattan apartment properties. Its current projects include 606 West 30th St., between 11th and 12th avenues, also in Hudson Yards, where it is constructing a 260-unit property, and 509 Third Ave., between East 34th and 35th streets in the Murray Hill neighborhood, where it is building a 229-unit property.

Comments? E-mail Tim Casey or call him at (267) 397-3347.


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Additional Info

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







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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