An apartment tower on the western edge of Manhattan has undergone a $200 million refinancing. APF Capitaland Nomura Credit & Capital, Inc. arranged the loan for One River Place, a 40-story apartment property with 921 units. The $200 million refinancing represents APF’s largest single transaction.
Larry Silverstein, president of Silversteinand master leaseholder to the World Trade Center, owns the property. Silverstein owns the property through single-asset entity River Place Holdings, LLC.
According to APF, the property is 98% occupied. An Italian restaurant2,470 sq. ft. of ground floor space. The remaining 32,000 sq. ft. of retail space is vacant, reports listing agent CB Richard Ellis.
The loan is a conventional fixed-rate, 10-year term with amortization spread across 30 years. The property benefits from 80/20 tax status, which means that 20% of the total (or 184) residential units are set aside for moderate income families.