200 East 79th Street—$112 Million
Skyline Developers closed on a $112 million construction loan for a condo building on Manhattan’s Upper East Side. The development site is located at 200 East 79th Street. Once completed, the site will be the location of a 19-story, 45-unit Cetra Ruddy-designed condo, a spokesperson for the firm confirmed to The Mortgage Observer.
The loan was provided by Wells Fargo (WFC). Skyline’s other New York City-based condos include 170 East End Avenue, while its rental properties include 37 Wall Street, Post Towers at 75 West Street and 194 East Second Street.
123 West 44th Street—$57 Million
Metropolitan Times Square Associates LLC, a New York-based lessor of real estate, finalized a $57 million mortgage for a multifamily property at 123 W. 44th Street in Manhattan. The deal is listed as having been originated Feb. 15, 2012.
The property, known as AKA Times Square, is located in the heart of the Theater District and includes 115,355 square feet across 122 units on 13 floors. Metropolitan Times Square, which is both the borrower and owner, paid $467,213 per unit and $494 per square foot in the mortgage deal. Residences range from 650 to 1,500 square feet, according to real estate listings. The loan to value ratio of the financing was 70 percent.
Canada-based bank CIBC is the lender. CIBC, which has New York offices at 300 Madison Avenue and 425 Lexington Avenue, recently announced 2012 first quarter net income of $835 million, up from $763 million for the same period last year.
Multifamily/co-op properties accounted for more than half of all mortgage deals in New York City between February 15 and March 15, 2012, according to Actovia data. There were 277 multifamily/co-op mortgage deals, about 53 percent of all deals, during the month-long period.
CGaines@observer.com
