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.
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