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HFZ, Westbrook Partner on Belnord Recap
HFZ Capital Group and Westbrook Partners are partnering on a recapitalization of The Belnord, an historic full-block apartment house on Manhattan’s Upper West Side. Financial terms of Westbrook’s equity partnership were not disclosed; HFZ paid $555 million to acquire the 14-story, 110-year-old property from Extell Development in 2015.
Sales are set to begin this spring at The Belnord, for which HFZ hired architect Robert A.M. Stern to oversee conversion from 213 rental units into residential condominiums as the rentals become vacant over time. Douglas Elliman will handle sales and marketing of the condos.
Bloomberg News reported last year that HFZ estimated a full-building sellout of the condos would bring in $1.35 billion, among the highest tallies on record for the neighborhood. Adam Spies and Doug Harmon of Cushman & Wakefield’s capital markets team were HFZ’s advisors on the deal.
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- ◦Financing
