Holliday Fenoglio Fowler (HFF) announced that it facilitated a US $100 million financing to construct a high-rise condominium in Murray Hill, Manhattan. The 39-storey residential property consists of 510 units, the statement said.
HFF helped secure the financing from Prudential Mortgage Capital Company, which approved the fixed-rate package payable in 20 years.
Steven Klein, managing director of HFF, said both the lender and borrower benefited from the agreement. In this case, the borrower took advantage of the low interest rate while the borrower had the opportunity "to offer funding for a high quality residential asset in one of the top neighborhoods in the city with best in class sponsorship."
The residential property will feature parking garage and bicycle storage, laundry facilities and a doorman. The investor will be selling a studio unit as well as one or two-bedroom units. The property is said to be located on 39th Street between First and Second Avenues.
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