Atlantic Development has refinances two misused apartment properties with $119 in Fannie Mae loans.
The financing solutions will allow the properties to transition through the 421-A exemption burn-off period.
JLL arranged the financing for 33 West End Apartments and Port 10 Apartments on behlaf of Altantic, the original developer.
The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million.
Both loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
33 West End Apartments is a 25-story, 211-unit property on the Upper West Side steps from Lincoln Center and Central Park.
The property consists of a mix of affordable and market-rate studio, one-bedroom and two-bedroom units ranging from 426 to 1,182 s/f along with 7,191 s/f of ground-floor retail.
Port 10 Apartments is a 13-story, 89-unit property located on 10th Avenue between West 27th and West 28th Street in Chelsea.
Completed in 2010, the building also includes 8,000 s/fof ground-floor retail.
The nearly 98 percent leased building consists of 71 market-rate and 18 affordable units with common area amenities, including a resident lounge, rooftop common area, fitness center and bike storage.
The JLL Affordable Housing Capital Markets team representing the borrower was led by Managing Director C.W. Early.
“These deals presented a multitude of unique challenges for which JLL and Fannie Mae found solutions,” Early said.
“We are pleased to have had the opportunity to provide our client with truly customized financing solutions with long-term executions that allow the properties to transition through the 421-A exemption burn-off period while still maintaining historically low interest rates with long-term interest only periods, which will only enhance cash flows.”
“These were complicated transactions that needed an experienced lender with strong agency relationships,” said Peter Fine, CEO of Atlantic Development.