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Manhattan Apartment Tower Gets $200 Million Refinancing

An apartment tower on the western edge of Manhattan has undergone a $200 million refinancing. APF Capital Markets and Nomura Credit & Capital, Inc. arranged the loan for One River Place, a 40-story apartment property with 921 units. The $200 million refinancing represents APF’s largest single transaction.

Larry Silverstein, president of Silverstein Properties and master leaseholder to the World Trade Center, owns the property. Silverstein owns the property through single-asset entity River Place Holdings, LLC.

According to APF, the property is 98% occupied. An Italian restaurant leases 2,470 sq. ft. of ground floor space. The remaining 32,000 sq. ft. of retail space is vacant, reports listing agent CB Richard Ellis.

The loan is a conventional fixed-rate, 10-year term with amortization spread across 30 years. The property benefits from 80/20 tax status, which means that 20% of the total (or 184) residential units are set aside for moderate income families.

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