CWCapital has arranged a $46 million loan for a mixed-use building on Manhattan’s Upper West Side. The loan was provided by Principal Real Estate Investors, which through a spokesman said that it has been targeting such “attractive opportunities,” investing in multifamily throughout the New York City boroughs.
Todd Trehubenko, a CWCapital managing director, arranged the financing. The company declined to comment beyond a release about the deal, citing requested anonymity on the part of the borrower. However, Mr. Trehubenko said in a prepared statement that CWCapital was “very pleased to be able to complete this transaction for the borrower.” He added that it is “a top-quality asset in a terrific location, with dedicated, long-term ownership.”
“We reviewed numerous options for the client and ultimately determined a life company execution best met their goals for long-term, low-leverage financing,” Mr. Trehubenko continued. “The refinancing generated a great deal of interest from our financing partners, which resulted in very attractive terms for our client.”
CWCapital, which Bethesda, Md.-based Walker & Dunlop announced plans to acquire in June, worked with CW Financial Services affiliate Rockwood Real Estate Advisors on the deal. Andre Dobrowsky represented Rockwood.
Michael Berman, president and CEO of CWCapital, weighed in on the deal in a prepared statement as well, pointing out that it boded well for the firm’s new life insurance platform.
“Since launching our life company platform last year, we have established a strong network of relationships, including the very capable team at Principal,” he said, “which has allowed us to assure our borrowers have access to the most competitive and flexible financing options.”
Meanwhile, a Principal Real Estate Investors spokesman said in an email to The Mortgage Observer that it was “attracted by the conservative nature of the loan request” and that “the borrower liked our terms and aggressive pricing.” He hinted that there would likely be more investments to come.
“In the last three years, Principal Real Estate Investors has seen attractive opportunities and made a significant number of new investments in financing apartment properties in Manhattan, Brooklyn, Queens and Staten Island,” the email read. “That appetite for investment continues today, not only for apartments, but for office properties as well.”