Aareal Capital Supplies $148M Refi on Harlem’s Tallest Tower
By Andrew Coen July 10, 2024 10:39 am
reprints
A joint venture between Lam Group and Exact Capital has landed a $148 million loan to refinance a hotel and multifamily tower in Harlem.
Aareal Capital provided the loan on the sponsorship’s The Victoria project, which was completed last year. Loan proceeds will fund ongoing operations and future property enhancements of the 30-story tower, which is Harlem’s tallest building.
Located at 233 West 125th Street near the Victoria Theater, The Victoria features a 211-key Marriott-branded Renaissance Hotel, 191 apartments and more than 23,000 square feet of retail space. It also includes 52 parking spaces set below street level.
Walker & Dunlop arranged the transaction with a team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and William Herring.
“This transaction underscores the project’s significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence and cultural preservation,” Appel said in a statement.
Officials at Aareal Capital, Lam Group and Exact Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
