PCCP Provides $168.5M Loan to Refinance Luxury Apartment Building in Manhattan
NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St.
The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied.
Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield arranged the loan.
The property comprises two towers with 218 market-rate units and 62 affordable housing units. A courtyard garden and glass-enclosed walkway bridge connect the two towers. Floor plans include a mix of studios, one- and two-bedroom units.
More than 28,000 square feet of amenity space includes two rooftop gardens, a fitness center and yoga area, game room, media room, club lounge, communal kitchen and children’s playroom.
Hell’s Kitchen, which has historically consisted of old warehouses and small multifamily properties, has experienced an influx of development in recent years. The activity has largely been led by the rezoning of the Hudson Rail Yards. Upon completion, the Hudson Yards redevelopment project will feature more than 18 million square feet of commercial and residential space, office towers, shops and restaurants.
— Kristin Hiller