New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Nolita Condo Project Lands $72M Refi
NKF has arranged a $72-million floating-rate loan to refinance 75 Kenmare, a new condominium development in Nolita, on behalf of First Atlantic Real Estate, DHA Capital and AMS Acquisitions.
The NKF team was led by Dustin Stolly and Jordan Roeschlaub, co-heads of debt & structured finance, along with managing directors Chris Kramer and Nick Scribani. The loan was provided by Deutsche Bank.
Given 75 Kenmare’s anticipated sellout of more than $130 million, “The lending market chased this opportunity aggressively, with several higher leverage offers made,” said Stolly. “However, ultimately restructuring their existing debt provided the Sponsorship with the flexibility they were looking for to execute their business plan with less frictional costs.”
Added Roeschlaub, “The institutional trio of DHA, First Atlantic and AMS are having immense success in bringing this new development to life, and the strong pre-sales momentum reinforces the location and quality of product.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
