APF provides $94m for Gateway Plaza deal.American Property Financing announced the closing of a $94.3 million dollar loan for the refinancing of the Gateway Plaza apartments located in Battery Park City. Originally constructed in the early 1980's, Gateway Plaza has 1,712 apartment units and 15 individual commercial and retail spaces. Residential on-site amenities include underground parking garages; an indoor swimming pool; and a modern health club, all situated in six individual buildings. The original construction was financed via a HUD-insured mortgage under section 221(d)4 of the National Housing Act; while the current mortgagee mortgagee n. the person or business making a loan that is secured by the real property of the person (mortgagor) who owes him/her/it money. (See: mortgage, mortgagor) MORTGAGEE, estates, contracts. He to whom a mortgage is made. is the Battery Park City Authority The Hugh L. Carey Battery Park City Authority is a New York State public benefit corporation whose mission is to plan, create, co-ordinate and maintain a balanced community of commercial, residential, retail, and park space within its designated 92-acre site on the lower west side . APF APF, n the abbreviation for acidulated phosphate fluoride. provided refinancing at a lower interest rate and in accordance with FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). guidelines, section 223(a)7. The entire loan-refinancing package was "wrapped" by Ginnie Mae for an 18-year and 1-month term. APF's client borrower in this transaction is Marina Towers Associates, L.P. |
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