HFF Arranges $130 Million Refinancing for Class A High-Rise Multi-Housing Community in Manhattan
HFF announced today that it has arranged a $130 million refinancing for The Capitol at Chelsea, a luxury high-rise multi-housing community in Manhattan.
Working exclusively on behalf of institutional investors advised by J.P. Morgan Asset Management, HFF placed the seven-year loan with HSBC Bank USA.
The Capitol at Chelsea is located at 55 West 26th Street in Manhattan's Chelsea neighborhood. Completed in 2001, the 38-story tower includes 387 residential units, 67,329 square feet of retail and office space and a 140-space parking garage. Community amenities include a state-of-the-art fitness center, expansive outdoor patios and concierge services. The Capitol at Chelsea's commercial component is leased to tenants including Starbucks, Valley National Bank, Tutor Time and Beth Israel Hospital.
The HFF team representing the borrower was led by senior managing director Whit Wilcox and associate director Jennifer Keller.
“This transaction reflects an interesting inflexion point in the debt markets at which swapped bank deals prove formidable competition to other traditional fixed-rate debt sources,” commented Keller.
J.P. Morgan Asset Management – Global Real Assets has approximately $63.2 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of September 30, 2012. With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets' broad capabilities provide many of the world's most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.
HSBC Bank USA, National Association, with total assets of $194 billion as of 30 June 2012 (US GAAP), serves 3.1 million customers through its personal financial services, commercial banking, private banking, asset management, and global banking and markets segments. It operates more than 300 bank branches throughout the United States. There are more than 200 in New York state as well as branches in Connecticut, Washington, D.C., Florida, New Jersey, Pennsylvania, Maryland, Virginia, California, Delaware, Oregon and Washington State. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a member of the FDIC.
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, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.