Taconic, Clarion Land $110M Capital One Loan for Massive Bronx Multifamily Property
By Danielle Balbi April 22, 2016 4:44 pm
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Capital One lent $110 million against Taconic Investment Partners and Clarion Partners’ 118-building apartment complex in the Bronx, records filed with the city yesterday indicate.
Paul Kesicki, a senior vice president at the bank’s commercial real estate group, led the deal, which carries a 30-month term with the option to extend for 30 months in six-month intervals, a source with close knowledge of the deal told Commercial Observer. It is being used to replace $86.5 million which New York Community Bank provided to Taconic and Clarion in March 2007 for the acquisition of the buildings. HFF served as the broker on the transaction.
The two firms scooped up the multifamily complex, Eastchester Heights, for $133 million from Urban American, a New Jersey-based rental property owner.
The residential buildings range from four to six stories and span five blocks bounded by Eastchester Avenue to the north, Boston Road to the east, Wilson Avenue the south and Hicks Street to the west in the Williamsbridge neighborhood of the Bronx.
The buildings were built in 1935 and include studios and one-, two- and three-bedroom units, according to the property’s website.
Earlier this month, NYCB refinanced another large Bronx multifamily portfolio. The bank provided $148.6 million in financing to Greenwich, Conn.-based Morgan Group for 21 apartment buildings throughout the borough, as CO previously reported.
Representatives for Taconic, Clarion and HFF did not immediately respond to a request for comment. A spokesman for Capital One declined to comment.
