Refis Archives - VRJ Properties https://vrjproperties.com/tag/refis/ Multifamily and Commercial Real Estate Investments Tue, 01 Oct 2024 16:50:58 +0000 en-US hourly 1 https://vrjproperties.com/wp-content/uploads/cropped-favicon-512x512-1-32x32.png Refis Archives - VRJ Properties https://vrjproperties.com/tag/refis/ 32 32 Alexander’s Refis $400M Loan for 731 Lexington Office Condo https://vrjproperties.com/alexanders-refis-400m-loan-for-731-lexington-office-condo/ Tue, 01 Oct 2024 14:37:40 +0000 https://vrjproperties.com/alexanders-refis-400m-loan-for-731-lexington-office-condo/ Alexander’s, Inc. has completed a $400-million refinancing of the office condominium portion of 731 Lexington Ave., the Class A Bloomberg LP headquarters building in Midtown Manhattan. The loan replaces the prior $490-million loan on the office condo, which bore interest...

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Alexander’s, Inc. has completed a $400-million refinancing of the office condominium portion of 731 Lexington Ave., the Class A Bloomberg LP headquarters building in Midtown Manhattan. The loan replaces the prior $490-million loan on the office condo, which bore interest at the prime rate (currently 8.00%) and was scheduled to mature this month.

The interest-only loan carries a fixed rate of 5.045% and matures in October 2028. The loan is prepayable, at Alexander’s option, with no penalty, beginning in October 2026.

The refi follows Bloomberg LP’s 11-year extension of its 946,815-square-foot headquarters lease, comprising the entirety of the office space at 731 Lexington, this past May. It also follows a trip to special servicing for the prior loan, which originally was due to mature in June.

Vornado Realty Trust, which owns a 32.5% share of Alexander’s, developed 731 Lexington in 2005 on the site of a former Alexander’s department store.



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]]> BWE Obtains Refis for Two SE Rental Communities https://vrjproperties.com/bwe-obtains-refis-for-two-se-rental-communities/ Wed, 05 Jun 2024 22:39:22 +0000 https://vrjproperties.com/bwe-obtains-refis-for-two-se-rental-communities/ BWE has secured two loans totaling $70.9 million to refinance Accent Southrail, a 304-unit, mid-rise multifamily development in Charlotte, NC and Sedgefield Apartments, a 280-unit multifamily development in Marietta, Georgia. BWE’s Atlanta office secured the non-recourse loans for Accent Southrail...

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BWE has secured two loans totaling $70.9 million to refinance Accent Southrail, a 304-unit, mid-rise multifamily development in Charlotte, NC and Sedgefield Apartments, a 280-unit multifamily development in Marietta, Georgia.

BWE’s Atlanta office secured the non-recourse loans for Accent Southrail and Sedgefield Apartments, which totaled $35.9 and $35 million, respectively. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long helped secure the loan.

The $35.9 million Accent Southrail loan features a three-year fixed-rate term and flexible prepayment and was originated from one of BWE’s largest correspondent life company lenders on behalf of Atlanta-based development firm Westplan Investors. The $35,000,000, interest-only Sedgefield Apartments loan was originated through a proprietary BWE bridge loan product on behalf of RPM Living.

Accent Southrail, located at 6026 Station Crossing Avenue in Charlotte’s Lower South End neighborhood, and Sedgefield Apartments, located at 1136 W. Commons Lane in Marietta, offer generous amenity packages featuring pools and fitness centers.

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