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PCCP Issues Refi Loan for Luxury Apts. in Midtown West
PCCP has issued a $168.5-million senior loan to refinance a 14-story, 280-unit luxury apartment building at 535 W. 43rd St. in Manhattan’s Hell’s Kitchen neighborhood. The borrower, a joint venture of the Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016.
“The asset is located in the Midtown West submarket, which is seeing a significant amount of development and growth which is primarily spearheaded by the Hudson Yards development,” said PCCP partner John Randall. “We perceive that its location will benefit from the westward shift in renters, given the maturing Hudson Yards submarket.”
The property’s unit mix consists of 112 studios, 114 one-bedroom units and 54 two-bedroom units. Current occupancy is about 93%. Cushman & Wakefield’s Steven Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III arranged the financing on behalf of the JV.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
