Hudson Companies, Related Close $75M Refinancing for Roosevelt Island Rental
By Lauren Elkies Schram April 8, 2016 5:50 pm
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Developers Hudson Companies and Related Companies refinanced Riverwalk Point on Roosevelt Island with a $75 million mortgage from MUFG Union Bank, both developers confirmed to Commercial Observer.
The financing, which closed on March 24, replaces the original $64.3 million construction loan Union Bank and Bank of America Merrill Lynch provided in November 2013 on the 22-story rental tower, according to David Kramer, the president of Hudson Companies. The new loan carries a seven-year term.
“We completed construction [and] leased up the building, so it was time to refinance out the construction loan,” Mr. Kramer said. The 195-foot LEED Silver residential rental building, which is at 480 Main Street in the heart of Roosevelt Island, opened in mid-2015 at 22 stories, according to a spokeswoman for Related. It contains 266 units ranging from studios to one- and two-bedroom pads. Building amenities include a sun terrace, a rooftop party lounge, a children’s playroom, a fitness center and bicycle storage.
The Handel Architects-designed building was erected in 2015. There are two rentals on the market today with an average price of $3,027, StreetEasy indicates.
Representatives for Union Bank and Bank of America weren’t immediately available.
With additional reporting provided by Danielle Balbi.
