NEW YORK, NY – HFF announced today that it has arranged $100 million in long-term financing for a 510-unit, high-rise residential property in Manhattan’s Murray Hill neighborhood.
HFF worked on behalf of the borrower to secure the 20-year, fixed-rate loan through Prudential Mortgage Capital Company, the commercial real estate finance business of Prudential Financial, Inc. (NYSE: PRU).
The property is located on 39th Street between First and Second Avenues, in close proximity to several neighborhood amenities, public transportation, Grand Central Station and Midtown Manhattan. The 39-story building consists of studio, one- and two- bedroom units. Community amenities include a doorman, parking garage, laundry facilities and bicycle storage.
The HFF team representing the borrower included senior managing director Michael Tepedino, managing director Steven Klein and associate director Jennifer Keller. Prudential was represented by director Sarah Teunis and senior analyst Kathryn Bradford.
“The transaction provided the borrower an opportunity to take advantage of the low interest rate environment and provided lenders an opportunity to offer funding for a high quality residential asset in one of the top neighborhoods in the city with best in class sponsorship,” commented Klein.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.