Manhattan-based lender American Property Financing (APF) has announced a massive $170 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan transaction for the refinancing of West End Towers in New York City. This represents the largest single-project DUS loan transaction in Fannie Mae’s history.
West End Towers is a 1,000-unit multifamily high-rise property on the Upper West Side of Manhattan. A total of 800 apartment units have been set aside as affordable-housing units. “This transaction clearly demonstrates both APF’s and Fannie Mae’s ongoing commitment to support the affordable housing sector,” says APF Chairman Alan Wiener.
The $170 million DUS underwriting utilizes $135 million in tax-exempt New York City Housing Development Corp. bonds with a $35 million conventional second mortgage. The entire refinancing plan fully amortizes on a 30-year schedule.
Brodcom West Development Co. owns the property, a general partnership sponsored by The Brodsky Organization of Manhattan.
“Fannie Mae was pleased to work with APF, NYHDC and the Brodsky Organization to refinance West End Towers, a milestone deal that delivered the largest DUS loan to Fannie Mae since the program began in 1987. We believe projects like this serve to increase the stock of affordable housing in high costs areas such as New York,” says Ken Bacon, senior vice president of multifamily for Fannie Mae.