Anglo Irish and Apollo provide $528m for Apthorp purchase.DTZ DTZ Division Tactical Zone Rockwood, on behalf of a group of investors led by New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based Mann Realty Associates, provided capital advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal in connection with the acquisition of The Apthorp, the 163-unit luxury rental apartment building located on the Upper West Side of Manhattan at 390 West End Avenue. Mann Realty Associates partnered with Africa-Israel, an Israel based investment company to acquire the Apthorp for $426 million. Acquisition and redevelopment financing was provided by Anglo Irish Bank Anglo Irish Bank Corporation plc (Irish: Banc Angla-Éireannach) ISEQ: ANGL, LSE: ANGL, FWB: CKL, is a bank based in Ireland, listed on both the Irish Stock Exchange and the London Stock Exchange, and headquartered in Dublin. and an affiliate of Apollo Real Estate Advisors. Anglo Irish Bank and Apollo Real Estate Finance Corporation provided $528,000,000 in first mortgage and mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the to Mann Realty Associates to acquire and renovate the Apthorp. Anglo Irish Bank provided $393,000,000 in first mortgage financing and AREFIN, the financing arm of Apollo Real Estate Advisors, provided $135,000,000 of mezzanine financing. This 12-story landmark property built in 1906 includes 346,910 s/f of rentable space in the distinguished Upper West Side of Manhattan. The property contains 163 apartment units totaling 321,344 square feet including a 117-car parking garage and 25,566 square feet of professional and retail tenants. The property will benefit from $95,000,000 in building upgrades and renovations. "We are very pleased to work with Mann Realty on yet another project," said Tony Campbell Anthony (Tony) Campbell (born May 7 1962 in Teaneck, New Jersey) is a retired American NBA basketball player. Campbell played high school basketball at Teaneck High School in Teaneck. , president and chief executive officer, Anglo Irish Bank Group--North America. "Landmark buildings of this quality and in this location seldom come to market. With our client's extensive experience in repositioning and managing residential properties of this magnitude, I am confident that this will prove to be yet another successful project by Mann Realty." "Apollo is pleased to be working with Mann Realty in the acquisition of one of New York City's truly iconic residential buildings. This financing continues AREFIN's emphasis on investing with experienced operators in the transition of exceptional real estate," said Bradford Wildauer, Apollo partner. "Anglo Irish Bank and AREFIN were able to provide us with the flexible structure necessary to support our long-term strategy for this asset," said Maurice Mann, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Mann Realty Associates. "They worked quickly to structure and close the financing to enable us to begin the renovation process." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion