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CBRE Originates Loan on Upper West Side Co-op
CBRE originated a $12.3-million loan to refinance existing debt and facilitate major capital improvements for River View Towers, a 385-unit, 24-story, Mitchell-Lama cooperative built in 1964 and located in the Hamilton Heights neighborhood of Manhattan’s Upper West Side.
Mark Fisher and Alex Furnary of the CBRE Capital Markets Debt & Structured Finance team arranged the fixed-rate, 30-year, self-liquidating senior mortgage through its Freddie Mac lending program on behalf of the borrower, River View Towers, Inc.
The $33.3-million total financing package included a $20.4-million subordinate loan from the New York State Housing Finance Agency (HFA) and a $577,000 grant from New York State Energy Research and Development Authority.
“This was a complicated transaction with many moving parts,” said Fisher, SVP for CBRE Capital Markets. “It all came together with the incredible cooperation and tireless efforts of HFA, the cooperative’s board, CBRE’s Freddie Mac closing and servicing teams, and their respective professionals.”
- ◦Financing
