White Oak Real Estate Capital Refis Murray Hill Resi Building With $53M Loan
Townhouse Management Company has landed a $52.5 million refinance for The Aurora, a 126-unit residential building located in Manhattan’s Murray Hill neighborhood, Commercial Observer can first report.
“It was a pleasure working with White Oak to structure this financing which will best allow the company to execute its business plan,” said Michael Kalomiris, chief operating officer of Townhouse Management Company.
White Oak Real Estate Capital provided the three-year senior bridge loan with extension options. Proceeds will be used to retire existing debt and also fund unit renovations. Townhouse Management Company has the flexibility to renovate units when tenants vacate them and convert them from corporate housing to traditional multifamily rental units.
The Carlton Group CEO Michael Campbell, Steve Fenster, a senior managing director, and directors Greg Wysocki and Andrew Karaan sourced the refinancing on behalf of Townhouse. “It’s an honor to have represented such a professional sponsor and their prestigious asset,” said Campbell, who led the firm’s efforts.
“We are excited to be working with Townhouse Management on one of their core holdings in New York City,” said Eric Tanjeloff, managing principal of White Oak Real Estate Capital.
The property has 126 furnished studio and one-bedroom rental units on the first 25 floors. The top seven floors are comprised of full- and half-floor luxury loft condominium apartments.
All rental units have been master leased to Oakwood and operated as furnished corporate housing units
“This well-located asset will benefit from the impressive recovery of the Manhattan residential market and from the strong demand for studio and one-bedroom units,” Tanjeloff said. Located at 556 Third Avenue, The Aurora was completed in 2004.
Emily Fu can be reached at efu@commercialobserver.com.
