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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

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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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