Deutsche Bank Provides $72M Refi for 75 Kenmare Street
The hip Nolita property's condo units were designed by Lenny Kravitz
DHA Capital, First Atlantic Real Estate and AMS Acquisitions have nabbed a $72 million loan to refinance their luxury condominium development at 75 Kenmare Street, Commercial Observer can first report.
The seven-story property sits on the northeast corner of Mulberry Street and Kenmare Street in Nolita and has an alternate address of 196 Mulberry Street. It will include 38 luxury units totaling 42,533 square feet, as well as 8,079 square feet of ground-level retail space and 1,950 square feet of below-grade retail. Building amenities are set to include a rooftop terrace, a fitness center, a landscaped courtyard and underground automated parking garage.
Dan Hollander’s DHA Capital acquired the development site—which previously housed a three-story parking garage—for $55 million in 2015. Deutsche Bank provided $101 million in acquisition and construction financing for the development in 2016.
“We were pleased to able to refinance with our existing lender Deutsche Bank on terms that benefited both parties,” Hollander told CO via email. “We are 50 percent sold and market response has been very enthusiastic.”
“The lending market chased this opportunity aggressively with several higher leverage offers,” Stolly told CO. “Ultimately, restructuring their existing debt provided the sponsorship with the flexibility they were looking for to execute their business plan with less frictional costs.”
Lenny Kravitz’s Kravitz Design is the interior designer for the project—which has an anticipated sellout of more than $130 million.
“The sponsorship trio of DHA, First Atlantic and AMS are having immense success in bringing this new development to life, and the strong pre-sales momentum reinforces the location and quality of product,” Roeschlaub said.
DHA Capital’s other luxury condo properties include 12 East 13th Street, 535 West 43rd Street and 50 Clinton Street. First Atlantic Real Estate—led by Roberto Buaron—has a portfolio that includes 156 Prince Street in Soho and is also developing 215 North 10th Street—a luxury condominium and retail property in WIlliamsburg, Brooklyn. AMS Acquisitions is involved in the development of 45 Broad Street—the Financial District’s tallest residential skyscraper, standing 64 stories tall.