The new financing retires a $450M Fannie Mae loan, PincusCo reported.
Related agreed to extend the building's status as a Section 8 building for another 20 years, according to an agreement with the U.S. Department of Housing and Urban Development filed concurrently with the mortgage. Related also agreed to reserve funds for maintenance and to undertake repairs as part of the agreement.
The property, nicknamed Broadway's Bedroom for its affordability, size and proximity to the theater district, reserves 70% of units for performing artists under the Section 8 program, according to Related's website.
Acore Capital provided a $216M bridge loan to Aurora Capital, Allied Partners and A&H Acquisitions to refinance 568 Broadway, according to a release. The 12-story SoHo mixed-use trophy asset spans 391K SF of office and retail space.
Rose Associates and its joint venture partner, Morgan Stanley Real Estate Investing, recapitalized the 29-story multifamily building at 260 W. 52nd St. with $103M from AXA Equitable, Commercial Observer reported. Affinius Capital provided a $143.4M construction loan to Goose Property Management for the four-building development at the former Arrow Linen site in Park Slope, PincusCo reported.
The final price of Tishman Speyer's ground lease deal to take over the Chrysler Building has been revealed. The Rockefeller Center-based real estate giant agreed to pay Cooper Union $351M on a 150-year lease that expires in September 2176, PincusCo reported.