NEW YORK—Apollo Commercial Real EstateInc. (ARI) has closed two financing transactions in New York City totaling $140 million in committed capital for residential properties.
"We believe these investments demonstrate ARI's ability to effectively underwrite and structure complex transactions while generating attractive, risk adjusted returns," said Scott Weiner, CIO.
In its first transaction, Apollo provided an $80 million whole loan commitment for a condominium conversion in Tribeca. Upon completion, theproperty will include 66 units with approximately 96,000 sq. ft. and 3,000 sq. ft. of ground-floor retail space.
In its second transaction, Apollo provided a $60 million mezzanine loan commitment secured by a pledge of preferred equity interest in the owner of a to-be developed 57-story, 146-unit multifamily condominium property, also located in New York’s Tribeca neighborhood. Upon completion, the property will total 352,624 sq. ft. of space.