Metlife Lends $28M on Newly-Constructed UWS Mixed-Use Asset
By Cathy Cunningham October 21, 2020 10:14 am
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Invictus Real Estate Partners and MJM Associate Contracting have landed a $27.5 million loan for their newly-constructed project at 812-814 Amsterdam Avenue, Commercial Observer has learned.
Metlife provided the debt in a deal negotiated by JLL (JLL) Capital Markets’ Scott Aiese, Peter Rotchford and Alex Staikos. Loan proceeds will be used to retire the property’s construction loan, plus some mezzanine financing.
The 15-story, 60,182-square-foot tower comprises 30,333 square feet of residential space and 12,302 square feet of retail space. Located between 99th and 100th Streets, the property sits next to St. Michael’s Church.
Its 44 residential units — several of which have balconies — feature 10-foot ceilings and views across the Upper West Side. The retail space is fully leased to the Learning Experience Academy and Sunshine Smiles Pediatric Dentistry, which occupy 11,125 square feet and 1,177 square feet, respectively.
“The exceptional construction quality and 100 percent commercial pre-leasing allowed the lender to take comfort during an otherwise volatile market environment,” Eric Scheffler, a managing partner of Invictus Real Estate Partners, said. “This allowed the borrower to benefit from historically low rates.”
“This world-class multi-housing asset illustrates New York City’s vibrant future, situated in the heart of Manhattan’s Upper West Side,” Aiese added.
A spokesperson for Metlife did not immediately return a request for comment.
