Hypo Real Estate provides a loan for Hoboken's conversion project.Hypo Real Estate The Hypo Real Estate Holding AG (ISIN: DE0008027707) is based in Munich, Germany and comprises three banks:
Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. Tea Buildings in Hoboken, N.J., to a joint venture of Toll Brothers, Inc., the builder of luxury homes, and Apollo Real Estate Advisors L.P, as part of the Apollo GMAC Real Estate GMAC Real Estate is a real estate franchise company in the United States, with 1300 locations in North America, and more than 22,000 real estate agents. The company is a division of GMAC Home Services, part of the larger General Motors Acceptance Corporation, which provides Mezzanine Fund A mezzanine fund is a type of private equity or merchant banking fund. A typical mezzanine investment consists of a debt or debt-like instrument, paired with an equity “sweetener. for an undisclosed amount. Toll Brothers and Apollo Real Estate are converting the 525-unit Hudson Tea Building to luxury condominiums. Located on the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. waterfront, directly across from 34th Street in Manhattan, the complex consists of two 12-story buildings with 13-foot ceilings, totaling approximately 540,000 s/f on 3.9 acres. Formerly the Lipton Tea Company manufacturing site, the buildings, which were substantially renovated and converted to rental apartments in 2000, are currently 97% occupied. Residents enjoy spectacular views of the Hudson River and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and easy access to Manhattan via bus, car, Path Train and ferry. The properties, which will be marketed as 1500 Washington and 1500 Hudson at Hudson Tea, will offer studios, one-, two- and three- bedroom units ranging from 735 to 1,640 s/f. The complex also includes a 6,000 s/f fitness center and 1,600 s/f of retail space. "We are pleased to have worked with two of the market's most sophisticated investors, Toll Brothers and Apollo Real Estate, in providing innovative financing for this residential development," said Evan F. Denner, head of real estate finance with Hypo Real Estate Capital Corp. "This transaction provides additional evidence of Hypo's involvement and commitment to the residential sector; a market segment which continues to demonstrate increasing demand and underlying strength." |
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