Prudential Mortgage Capital Company provides $160.4 million in financing for New York apartment buildings

Prudential Mortgage Capital Company provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan's Upper West Side, the company announced today. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. PRU. “The multifamily sector in New York City, which has one of the lowest vacancy rates in the country, has always been highly desirable thanks to high demand and limited supply,” said Sarah Teunis, a director with Prudential Mortgage Capital Company's New York office who led the transaction. “Those factors, combined with the high quality of these properties and the strength and expertise of the borrower, made this an extremely attractive investment.” The company provided financing in a single transaction for The Aldyn and The Ashley, adjoining properties on Riverside Boulevard between 62^nd and 63^rd streets, where they share a common courtyard and indoor recreational facilities. The borrower, an affiliate of Boston-based GID, used the loan proceeds to purchase the buildings. The Aldyn is a 38-story tower with 286 units, including 136 rental apartments and 150 condominiums. This transaction only includes the rentals. The Ashley is a 23-story tower with 209 units, all of which are rental apartments. Built in 2010, both buildings offer views of the Hudson River and Manhattan. Units include stone countertops, custom cabinetry, separate showers and bathtubs in master baths, hardwood floors, floor-to-ceiling windows and premium appliances.