PGIM Refis Glenwood’s Luxe Lenox Hill Resi High Rise with $98M Loan
By Mack Burke June 7, 2018 12:29 pm
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PGIM Real Estate Finance has provided Glenwood Management with $98 million, including a $5 million Fannie Mae (FNMA) loan, to refinance The Lucerne, a 44-story Upper East Side luxury rental building at 350 East 79th Street, according to records filed with the New York City Department of Finance.
The financing package consolidates and replaces roughly $105 million in previous debt from PGIM—from February 2010 and April 2016, records show—and provides Glenwood with an additional $4.9 million Fannie Mae gap mortgage. The deal officially closed on May 31.
The Lucerne is a 44-story, 365,000-square-foot luxury apartment building constructed in 1989 and situated between First and Second Avenues in the Upper East Side. It comprises 236 units and a parking garage spread across two, interconnected buildings.
The majority of units within the building are one- and two-bedroom apartments. Monthly rents for one-bedrooms start at around $3,600 while rents for the property’s five-bedroom units go up to approximately $16,000, according to information from CoStar (CSGP).
The property includes a members-only fitness and swim club that spans 7,000 square feet and includes a 55-lap pool as well as saunas. Additional amenities include landscaped rooftop decks, a recreational lounge and a children’s playroom, according to Glenwood’s website.
Officials at Glenwood were not immediately available to comment on the transaction. A representative for PGIM did not immediately return a request for comment.
