HFZ complete爱上海龙凤419桑拿 s $500M refi on four-building condo portfolio JPMorgan, Oaktree provided the loan
From left: 301 West 53rd Street, Ziel Feldman, 88 and 90 Lexington Avenue and 235 West 75th Street
Ziel Feldman s HFZ Capital Group completed an approximately $500 million refinancing of four condominium buildings, sources told The Real Deal.
JPMorgan Chase and Oaktree Capital provided financing for the properties, located at 301 West 53rd Street, 88 and 90 Lexington Avenue and 235 West 75th Street. The new loans look to have replaced existing financing from Deutsche Bank in 2013. Both JPMorgan and Oaktree declined to comment on the deal, as did HFZ, and a Deutsche Bank spokesperson wasn t available for comment.
The deal was brokered by Aaron Appel, Jonathan Schwartz, Mark Fisher and Matthew Collins of JLL . Sources said Howard Michaels Carlton Group advised on the deal. Michaels and Appel also declined to comment.
In July 2013, HFZ and partner Fortress Investment Group acquired the four properties, which comprised 743 rental units, for $610 million from Westbrook Partners. The partners have since converted them into for-sale condominiums, and have sold about half the units, an insider said.
There are several reasons why developers may choose to refinance existing interests in condo properties. Such deals are known as inventory or unsold share loans.
JLL s Aaron Appel
Hypothetically, you d do it to get better terms on your inventory loan as compared to your construction loan, sa[……]