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Arden Secures $161M to Refinance Construction Debt on Inwood Luxury Rentals
Arden Living has secured a $161-million loan from Starwood Property Trust for the construction debt refinancing of Forty-Six Fifty, a 22-story luxury rental building in the Inwood neighborhood of Northern Manhattan. Located at 4650 Broadway, the building offers 222 residences ranging from studios to two-bedroom units.
“Forty-Six Fifty represents a high-caliber asset delivering Manhattan-quality living that has become a rapidly evolving submarket,” said Craig A. Spencer, chairman and CEO of Arden Group. “This refinancing reflects the strength of the project’s fundamentals, sustained leasing performance, and the long-term value it brings to our portfolio. In partnership with Starwood Property Trust, we are pleased to have secured this refinancing to support the continued success and long-term stability of the property.”
Forty-Six Fifty is situated in an Opportunity Zone and overlooks the Hudson River. The building offers convenient access to some of the neighborhood’s best offerings, including Fort Tryon Park and The Cloisters across the street.
- ◦Financing
