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$550M Freddie Mac Loan for Sky Residences

The Moinian Group and SL Green Realty Corp. borrowed $550 million to refinance their Sky Residences, a new 71-story apartment tower at 605 West 42nd St. on Manhattan’s Far West Side.

“Sky brings more than 1,100 new apartments—25 percent with long-term affordability restrictions—to the front lines of the affordable housing crisis,” said David D. Leopold, vice president of the targeted affordable sales and investments at Freddie Mac Multifamily, which provided the financing through Greystone, which originated the loan.

The permanent loan replaces the original construction financing provided by Bank of China and Union Labor Life Insurance Company in 2014. Leasing of the property is almost complete. Of the 1,175 apartments, 81% have signed leases. The apartments at Sky with high, unrestricted rents are 97% leased. The apartments with lower, affordable rents have paused their leasing to be formally admitted into New York’s updated 421-A tax abatement program — but they are likely to rent even more quickly once the paperwork is finished.

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