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UWS, Chelsea Affordable Developments Land $119M Financing
JLL arranged financing totaling $119 million on behalf of Atlantic Development Group for 33 West End Apartments and Port 10 Apartments, two mixed-income, high-rise residential properties on Manhattan’s Upper West Side and in Chelsea, respectively.
The loan for 33 West End totaled $80 million, and the loan for Port 10 totaled $39 million. C.W. Early led the JLL Affordable Housing Capital Markets team representing Atlantic Development. Both loans will be serviced by Jones Lang LaSalle Multifamily LLC, a Fannie Mae DUS lender.
“These deals presented a multitude of unique challenges for which JLL and Fannie Mae found solutions,” said Early. “We are pleased to have had the opportunity to provide our client with truly customized financing solutions with long-term executions that allow the properties to transition through the 421-A exemption burn-off period, while still maintaining historically low interest rates with long-term interest-only periods, which will only enhance cash flows.”
Pictured: 33 West End Apartments.
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