Knighthead Funding LLC has provided a New York-based investor group with a $19.1 million senior loan to refinance a portfolio of 156 unsold co-op apartments in the Riverdale section of the Bronx, NY.
The units, which were acquired by the sponsor in 2016, are located within Skyview on Hudson, a three-building, co-op complex totaling 1,309 apartment homes located at 5700, 5800 and 5900 Arlington Avenue.
Knighthead’s 36-month financing will be used to take out the existing lender with a portion of the proceeds to be used to renovate vacant units and prepare them for sale.
“This was a really unique opportunity to finance excellent real estate with a sponsor with a 25-year track record in this space,” said Henry Boeckmann, a Vice President at Knighthead.
“It required a lot of due diligence, but our comfort level increased as we dug in and discovered that it’s an exceptionally well-located project, decked with a ton of amenities; it’s basically a little oasis located within
a market that continues to experience strong fundamentals.”