CCRE Provides $66M Permanent Financing for Westchester Multifamily Building
Guelda Voien June 13, 2014, 2:43 p.m.
HKS Capital brokered a $66 million permanent financing on a Westchester apartment building, Mortgage Observer Weekly has first learned. The seven-year loan, from Cantor Commercial Real Estate, will be securitized, said Ayush Kapahi of HKS, who brokered the transaction.
The loan’s rate was “in the fours,” he said, and features a three-year interest-only period.
The 416-unit rental complex is known as Ridgeview Apartments and located at 32 Nob Hill Drive in Elmsford, New York.
The ownership entity, Ridgeview Partners LLC, is led by Stephen Reitano, a local real estate investor and the former deputy executive director of the Metropolitan Transportation Authority.
“The deal had many moving parts, which required us to retain the right firm. We picked the right one,” said Mr. Reitano in a statement provided to Mortgage Observer.
The owners bought the building in 2010 for $58 million, assuming $50 million in debt, said Mr. Kapahi. With this mortgage, they were able to take out equity, he said.
“They took over management and did renovations and really hit a home run with the deal,” he said.