The Carlyle Group and the Gotham Group notched one other victory on the Aire in Lincoln Sq. with a recent spherical of financing.
Natixis offered a $260 million floating-rate mortgage to refinance the posh rental constructing at 200 West 67th Road, Crain’s reported. The refinancing will go towards condo renovations, in addition to updates to the health middle and a terrace on the fourth ground with grills, a bar and a firepit.
CBRE’s Lawrence Britvan and Michael Straw organized the transaction.
Beforehand, Carlyle and Gotham landed a $216 million bridge loan from MF1 Capital related to their acquisition of the constructing. They purchased the property early final 12 months from A&R Kalimian Realty for $265 million.
Gotham and Carlyle purchased the 43-story, 310-unit luxurious constructing for roughly $855,000 per unit. One-bedroom models hire for upwards of $5,000 month-to-month, however rental revenue solely lined 87 % of borrowing prices for the earlier proprietor, regardless of near-full occupancy on the finish of 2022, in line with Moody’s.
Occupancy seems to stay robust as there are solely six availabilities listed on the property web site.
A $194 million mortgage on the property matured in November 2023. That was one among a number of points hampering Albert Kalimian’s stewardship of the property. The expiration of a 10-year tax abatement additional exacerbated issues, inflicting the annual property tax invoice to spike to $6.6 million.
Kalimian in the end defaulted on that mortgage, prompting the sale technique of the posh constructing, which boasts facilities akin to on-site parking, a youngsters’s playroom and a yoga room.
Kalimian acquired the property from the Purple Cross for $72.3 million in 2004, opening the rental constructing six years later. There are additionally retail models on the property, together with a Polestar electrical automotive dealership.
Carlyle was within the information earlier this week when it offered a 12-story, 105-unit condo constructing in Dumbo to Hubb Properties for $85 million.
Learn extra
Kalimian sells Lincoln Square luxury tower for $265M
Carlyle, Gotham secure $216M loan on Lincoln Square luxury tower
Hubb pays $85M for former Jehovah’s Witnesses site in Dumbo
