NEW YORK—Apollo Commercial Real EstateInc. has closed two mezzanine financing transactions totaling $43 million.
In the first transaction, an $18 million loan was secured by a pledge of the equity interests in the owner of two buildings in Midtown Manhattan that will be converted into 215 multifamily rental units. The Midtown properties include 181,637 sq. ft. of space. The loan is part of a $90 million, three-year, interest-only floating rate financing comprised of the mezzanine loan and a $72 million first mortgage loan.
The second transaction was a $25 million mezzanine loan secured by a pledge of the equity interest in the owner of a portfolio of fourtotaling 1,231 keys in Rochester, Minn. Located within walking distance of the Mayo Clinic, the portfolio’s mezzanine loan is part of a $145 million, five-year, fixed-rate loan comprised of a $120 million first mortgage loan and the mezzanine loan.