Hypo Real Estate Capital Corporation, the New York-based subsidiary of Hypo Real Estate Bank International AG and one of the leading financial institutions in the United States commercial real estate industry, closed a €171,5 million ($206.5 million) loan for the construction of a mixed-use, luxury condominium property on Manhattans Upper West Side on May 9, 2006.
The property is being developed by Clarett Capital, LLC, a joint venture between The Clarett Group and Prudential Real Estate Investors, along with ING/Clarion.
The new 27-story condominium to be built at the southeast corner of West End Avenue and West 70th Street, will include 191 luxury apartment homes totaling 210,213 net ft², 27,000 ft² of retail space and a 76-car parking garage. Located in one of Manhattans most sought-after residential neighborhoods, this prestigious building will boast amenities including 24-hour door and concierge service, a state of the art fitness center, playroom, outdoor recreation terrace, billiard room, media lounge and dining salon with catering kitchen for private functions. Apartment units will feature the highest quality design and finishes.
The construction loan announced today marks the second time in less than a year that Hypo Real Estate Capital has financed a Clarett Capital project in Manhattan. In December 2005, the company announced a €115 million ($138.7 million) loan for the construction of a luxury residential tower at 11 East 29th Street.
Were very pleased to be working with Clarett Capital again, said Evan Denner, Deputy CEO of Hypo Real Estate Capital. Were also proud that Clarett returned to Hypo Real Estate for this loan as it underscores the quality of relationship we have built with this important client. Clarett needed a rapid turnaround and certainty of execution and based on their experience with our quality of service came to us knowing we have the resources, flexibility and seasoned professional staff to close on schedule.
Source: Hypo Real Estate