The loan replaces and consolidates a previous $103.4 million leasehold mortgage made by the New York State Housing Finance Agency in March 2015. MetLife also provided a $30.8 million gap mortgage to complete the package, according to records filed today with the city’s Department of Finance. The transaction closed on Sept. 29.
The roughly 361-foot-tall, 243,689-square-foot tower, with an alternate address of 515 West 38th Street—on the site of the former Legacy Recording Studio between 10th and 11th Avenues—houses 225 rental apartments and around 13,739 square feet of retail space spread across the ground and second floors.
Monthly rents for the residential units run from $3,062 for studios to $6,206 for two bedroom- two bathroom apartments, according to information from City Realty, and twenty percent of the building’s residential portion has been reserved for affordable housing.
Imperial did not immediately return a request for comment, and a spokesman for MetLife didn’t immediately provide details on the financing.